Magnesite, an industrial steel, performs a key function as a refractory materials in metal fabrication, as a catalyst and filler within the manufacturing of artificial rubber and as a cloth within the manufacturing of magnesium chemical compounds and fertilizers.
The international magnesite market had an estimated worth of US$12.37 billion in 2023, and is projected to succeed in US$14.9 billion in 2028 on rising demand from the development, chemical, metallurgical and automotive industries.
The US Geological Survey estimates that worldwide magnesite reserves stand at 7.7 billion metric tons (MT). Worldwide, magnesite manufacturing reached 22 million MT in 2023, totally on par with the earlier 12 months.
Whereas Russia dominates when it comes to magnesite reserves, China leads the world in magnesite manufacturing. Right here the Investing Information Community seems on the prime international locations for magnesite mining.
1. China
Mine manufacturing: 13 million MT
China is the world’s prime nation for magnesite mining by far, accounting for roughly 60 p.c of worldwide output. The nation’s manufacturing noticed no development in comparison with final 12 months’s output. The Asian nation can also be the principal exporter of the fabric to the US and plenty of different markets throughout the globe. In 2023, China’s magnesite exports to India grew by 9 p.c as a result of elevated demand for metal fabrication to produce the latter’s infrastructure initiatives.
China represents a serious marketplace for magnesite in its personal proper, accounting for about 65 p.c of complete international consumption. Nevertheless, strict environmental laws within the nation have resulted within the closure of a number of key magnesite mines.
2. Turkey
Mine manufacturing: 1.8 million MT
Subsequent is Turkey, whose magnesite output got here to 1.8 million MT in 2023, simply 20,000 MT fewer than it produced in 2022. Magnesite manufacturing within the nation has considerably decreased lately, falling from 2.7 million MT in 2017.
Turkey has an extended historical past of magnesite mining, each for export and to be used at home refractories. Akdeniz Mineral Sources, a three way partnership with personal firm Grecian Magnesite, is a big producer and exporter of caustic calcined magnesite merchandise.
3. Brazil
Mine manufacturing: 1.7 million MT
Brazil’s magnesite manufacturing has remained comparatively flat lately. A essential level in Brazil’s magnesite business got here in 2017 with the merger of RHI of Austria and Magnesita Refratários of Brazil to type RHI Magnesita, which then grew to become the world’s largest refractory supplies producer. RHI Magnesita can also be reported to personal the most important magnesite reserve outdoors of China.
5. Russia
Mine manufacturing: 950,000 MT
Russia’s magnesite-mining output has dropped considerably lately, sinking from 1.5 million MT in 2020 to 950,000 MT in 2023. The nation hosts the most important reserves of magnesite on the earth, coming in at 2.3 billion MT.
One of many key gamers within the Russian magnesite house is Magnezit Group, which is actively working to broaden manufacturing capability at its Kirgiteiskoye and Talskoye deposits by overhauling current amenities and constructing new amenities.
5. Australia
Mine manufacturing: 860,000 MT
Australia’s magnesite manufacturing has risen steadily previously few years, transferring it up from close to the underside of the listing of prime magnesite-mining international locations to the second spot in 2021 with 2.7 million MT. Nevertheless, the nation recorded a dramatically-reduced magnesite-mining output of 860,000 MT in each 2022 and 2023.
Non-public firm Queensland Magnesia is accountable for the majority of Australia’s magnesite manufacturing. QMAG Pty Ltd, a part of the Refratechnik group, is mining one of many world’s largest magnesite mines, the Kunwarara deposit in central Queensland. An examples of a magnesite-focused junior mining firms working in Australia is Lachlan Star (ASX:LSA) with its Princhester magnesite venture additionally in Queensland.
6. Austria
Mine manufacturing: 810,000 MT
Austria’s magnesite mining output has remained comparatively flat lately, with ranges in a spread of 760,000 MT to 810,000 MT. Austrian magnesite producer Styromag operates 5 mines within the nation; it produces roughly 120,000 MT of fabric per 12 months.
“In January 2023, an Austria-based magnesia and refractories firm acquired a number one refractory producer in China, permitting it to broaden manufacturing in China and the east Asia area,” reported the USGS.
7. Spain
Mine manufacturing: 670,000 MT
Spain’s magnesite output has greater than doubled since 2016, coming in at 670,000 MT in 2022. Spain’s Magnesitas Navarras is a number one European magnesia producer.
In early 2024, the corporate acquired authorities approval for a venture that may permit it to function a brand new mine within the Erdiz area for 25 years.
8. Slovakia
Mine manufacturing: 510,000 MT
Slovakia produced 510,000 MT of magnesite in 2023, a slight lower of two,000 MT versus what it produced a 12 months earlier. Slovakian producer SLOVMAG is majority owned by Russia’s Magnezit Group. It focuses on mining magnesite ore and producing refractory merchandise from sintered magnesia.
9. Greece
Mine manufacturing: 380,000 MT
Greece produced 380,000 MT of magnesite in 2023, on par with the 12 months earlier than. The nation is dwelling to one of many prime magnesia producers on the earth, Grecian Magnesite, which has amenities in Spain, Turkey and the Netherlands. Greece’s magnesite mines and manufacturing amenities are situated within the Chalkidiki peninsula in Northern Greece.
The Turkish subsidiary of the Greece-based magnesia producer is slated to assemble a brand new rotary kiln in 2024, which the USGS says is anticipated to double “its present manufacturing capability of caustic-calcined magnesia to round 50,000 tons per 12 months.”
10. Saudi Arabia
Mine manufacturing: 340,000 MT
Rounding out the listing, Saudi Arabia put out 340,000 MT of magnesite in 2023, displacing Iran for the tenth spot on this listing. The nation’s main producer is Ma’aden Industrial Minerals Firm which produces caustic calcined magnesite from its a high-grade magnesite mine at Al Ghazalah.
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Securities Disclosure: I, Melissa Pistilli, maintain no direct funding curiosity in any firm talked about on this article.
