2024-05-08 16:00:00 ET
Comprising roughly two percent of the Earth's crust, magnesium is the eighth most common mineral on the planet . In spite of this abundance, the world has for several years faced a steadily worsening magnesium supply shortage due to increased demand and lack of economic deposits and cost-effective processing.
In 2021, China — historically responsible for supplying roughly 90 percent of the world's magnesium — curbed its magnesium production . The following year, Chinese magnesium production shut down entirely due to high energy costs . These events have had a ripple effect on the global magnesium market, driving home the importance of securing a North American magnesium supply chain.
For further details see:
Securing North America’s Strategic and Critical Magnesium Supply Chain