Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (578)	7/23/2001 2:52:38 AM
From: craig crawford	Respond to of 1643

Monday 23 July 12:16 PM Australian Mag shrs dive to record low au.dailynews.yahoo.com SYDNEY, July 23 (Reuters) - Shares in Australian Magnesium Corp Ltd (AMC) dived 22 percent to record low A$1.60 on Monday as trading resumed after the failure of a A$680 million equity raising to fund its Stanwell magnesium project. The company said late on Friday interest in the placement was not sufficient to go ahead, citing the current state of world financial markets and AMC's timing requirements for the cancellation of the raising. However, AMC said it still believed the Queensland project was viable and would investigate other funding options. By 12:05 p.m. (0205 GMT), AMC shares were at A$1.67 in light trade totalling 26,410 shares, well below Friday's A$2.05 close. Had the raising been successful, it would have diluted the 62.4 percent in AMC held by Australia's largest gold miner, Normandy Mining Ltd (ASX: NDY), to about 20 percent. Since the oil shocks of the 1970s, automakers have been incorporating increasingly lighter weight materials into designs, a trend which bodes well for metals such as magnesium. Magnesium is about one-third lighter than aluminium but one-quarter the weight of iron.