AUSTRALIA: Ford released from magnesium supply agreement - report
Australian Magnesium Corporation on Monday said that its key customer, Ford Motor Company, has been released from a contract that would have involved supplying the vehicle maker with magnesium, Dow Jones reported. The move follows the shelving of Australian Magnesium's $US1.75 billion Stanwell smelter project in Queensland after it was hit by cost over-runs and failed to attract a new equity partner, the report said, adding that Ford has agreed to forego its $30 million deposit on the supply agreement, in exchange for a $10 million payment.
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