Magnesium is an industrial metal that can be extracted from many different materials. Magnesite is one of the key sources of magnesium compounds. Magnesite mining is done all over the globe.

According to the 2021 US Geological Survey, worldwide magnesite (and brucite) resources are 12 billion metric tonnes (MT) and several millions MT, while resources for dolomite and forsterite, as well as magnesite-bearing evaporate minerals, are estimated at billions of tons.

The US Geological Survey also examines magnesite production and its reserves. It notes that global production has reached 26 million MT by 2020, and that there are currently 7.6 billion MT of reserves. What are the best countries for magnesite-mining? Here are the top ten countries for magnesite mining in 2020.

1. China

Production: 18 Million MT

China accounts for approximately 66 percent of the global output and is therefore the top country for magnesite miner. China's production fell slightly last year, compared with 19 million MT in 2019. The Asian nation has imposed stricter regulations to reduce pollution. However, the Qinghai Salt Lake Smelter Plant could offset any reductions.

Due to increased demand from the automotive industry, magnesium prices rose marginally last year. A decrease in China's supply could have a positive impact on magnesium prices over the next few years.

2. Russia

Production: 1.5 Million MT

Brazil is second with Russia. In recent years, Russia's magnesite production has been flat. The country is set to get new capacity in the near future.

Russian Mining Chemical Company (RMCC), a private brucite producer completed the first stage in 2020 of developing one of the largest brucite deposits located in the Russian Far East. According to preliminary estimates, the deposit contains around 25 million MT of brute. RMCC plans production to begin in 2025.

3. Brazil

Production: 1.5 Million MT

Brazil's magnesite production, like Russia, has remained flat over the past few years. However, it has grown by 400,000 MT in 2016 and 2017. This is due in large part to the 2017 merger between RHI of Austria, Magnesita Refratarios from Brazil, and RHI Magnesita. RHI Magnesita became the largest refractories manufacturer in the world.

RHI Magnesita's first major new investment was in 2019, at US$92million, following the merger. According to some reports, the company has the largest magnesite reserves outside of China.

4. Turkey

Production: 1.1 Million MT

Next on our list is Turkey. Its magnesite production was 1.1 million MT in 2020, which is 400,000 MT less than in 2019. The country's magnesit production has declined significantly in recent years. It was 2.7 million MT in 2017 and 2.8 million MT in 2017.

Industrial Minerals reports that Turkey has a long history in magnesite mining. This includes both domestic and export. Akdeniz Mineral Resources is a joint venture between private company Grecian Magnesite. It is a major producer and exporter in Turkey of caustic calcined magnetsite products. Recently, the company completed construction of a new line for magnesite processing. Commercial production began in Q4 2020.

5. Austria

Production: 760,000 MT

Austria saw a slight decline in magnesite mining production in 2020. It produced 760,000 MT, as opposed to 780,000 in 2019. Austria's magnesite producer Styromag has five mines within the country. It produces approximately 120,000 MT per year.

6. Spain

Production: 600,000. MT

The output of Spain's magnesites has more than doubled over the past four years. It is now 600,000 MT by 2020, compared to 300,000. Magnesitas Navarras in Spain is a major European producer of magnesia.

7. Greece

Production: 500,000 MT

In 2020, Greece produced 500,000 MT magnesite. This is a decrease by 30,000 MT over the previous year. Grecian Magnesite is the country's top magnesia producer, with facilities in Spain and Turkey. The Chalkidiki peninsula, Northern Greece is where you will find the magnesite mines.

8. Slovakia

Production: 460,000 MT

In 2020, Slovakia produced 460,000 MT magnesite. This is a slight decline of 15,000 MT compared to the year before. Magnezit Group, Russia's majority owner of SLOVMAG, is the main shareholder in Slovakia's magnesite producer. It is a specialist in the mining of magnesite ore, as well as producing refractory products made from sintered magnesia.

9. Australia

Production: 310,000 MT

Australia saw a slight decline in its magnesite-mining production in 2020, with 310,000 MT compared to 320,000 MT in the previous year. Queensland Magnesium accounts for most of Australia's magnesite output.

Korab Resources (ASX :KOR), and Volatus Capital, (CSE :VC) are two examples of magnesite-focused junior miners operating in Australia.

10. India

Production: 150,000 MT

India produced 150,000 MT of magnetite in 2020, which is the same as the previous year. Three-quarters of India's magnesite production is done by Tamil Nadu, with Uttarakhand accounting for the rest.

Statista projects that India will produce approximately 286 million tonnes of magnesite in 2021.

Securities Disclosure - I, Melissa Pistilli have no direct investment in any company mentioned.

By: Melissa Pistilli
Title: 10 Top Countries for Magnesite Mining
Sourced From: investingnews.com/daily/resource-investing/critical-metals-investing/magnesium-investing/top-magnesite-producing-countries/
Published Date: Thu, 11 Nov 2021 21:55:02 +0000

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