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post #1 of 1 (permalink) Old 07-15-03, 02:51 AM Thread Starter
Mr. Embargo
Join Date: May 2001
Location: Embargoland
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AUS: Ford turns screws on AMC

PLANS to resurrect the mothballed Stanwell magnesium project in Queensland suffered another blow yesterday when US car maker Ford, its cornerstone customer, dissolved a contract to take up to $2 billion worth of magnesium over 10 years.

Ford will wear a $US20 million loss ($29 million) on its 10-year involvement in the Australian Magnesium Corporation project, which was placed on care and maintenance last month after it ran out of money.

AMC's contract with Ford to supply 45,000 tonnes of magnesium a year for 10 years was the key deal for the $1.7 billion light-metal project, giving it credibility in the market as well as a reliable purchaser.

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