Manufacturers and governments are increasingly looking to secure alternative magnesium supply as geopolitical events raise concerns about the potential instability of current supply chains.
“Magnesium is one of the identified critical minerals, or metals that you may have read about in recent news the last couple of years, and it’s very much come to the forefront with all of the geopolitical froth going on in the world,” said Barry Baim, director and corporate secretary at West High Yield Resources (TSXV:WHY), which is currently developing its advanced-stage Record Ridge magnesium project in BC.
“Eighty-five percent of the critical mineral is produced in China, another 8 to 10 percent in Russia. So given what’s going on today in the world, many manufacturers and countries are looking for secure supplies,” he added.
Magnesium has a wide range of applications, including in pharmaceuticals, healthcare and biomedicine, as well as in the transportation sector. The critical mineral is also being developed for use in magnesium-based batteries, as an alternative for current battery chemistry.
“Magnesium is a critical mineral that is key to this whole net zero by 2050, the decarbonization of our planet, and it underpins modern society,” Baim said.
Watch the full interview with Barry Baim, corporate secretary and director at West High Yield Resources.
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