Magontec Limited (AU:MGL) has released an update.
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Magontec Limited is challenging the validity of the termination of agreements by Qinghai Salt Lake Magnesium Co Ltd (QSLM), pertaining to a magnesium project in China. The company, which has fulfilled its obligations including the completion of a magnesium alloy cast house, is obtaining legal advice following QSLM’s failure to produce and supply magnesium as agreed. As QSLM attempts to amend the agreement terms unfavorably and ceases negotiations, Magontec is preparing to present its shareholders with a revised company strategy.
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