Chatswood R&D Plant launch and Initial Public Offering.

The Hon Paul FLETCHER, Federal Minister for Urban Infrastructure and Cities and the Hon Richard COLLESS, Parliamentary Secretary for Natural Resources and Western NSW, joined dignitaries from Korea’s Daejoo-KC Group and Chonnam National University, together with UNSW Sydney and the CSIRO at the launch of EcoMag’s Chatswood Research & Development Plant yesterday to celebrate the collaboration of nations, public and private sectors, and research and commercial organisations that has made EcoMag possible.

“This is a very exciting development,” the Hon Paul FLETCHER said. “The success that EcoMag has achieved depends on a number of factors. First of all, we are an open country, keen to do business with Korea and other countries who are our good friends. Second we have strong universities, strong research institutions, well-funded, successful, and increasingly engaged with industry, and thirdly we have Federal and State governments focused on supporting innovation and backing people who have a go, who take technology, who take a commercial risk to go out and find a market and find an economic opportunity.”

EcoMag has been testing its high purity magnesium extraction technology on waste stream bitterns (saline flows) produced by solar salt producers in Western Australia. The Chatswood Research & Development Plant will be used to continue to refine process engineering, in preparation for the construction next year of a full-scale plant capable of processing 500 million litres of bitterns annually.

“It’s great to be here and to see this facility come to fruition,” Hon Richard COLLESS said. “To see this sort of technology coming forward, providing high tech industry … is really exciting.”

EcoMag was delighted to host representatives from the Daejoo-KC Group including Mr. Jeong Wook SEO, Senior Vice President who spoke of the close relationship between Daejoo-KC and EcoMag, Dr. Tae Woong KIM, Director of Research, and Dr. Qwang Hee SHIN, Deputy Director of Research, as well as Professor Myong Jun KIM from Chonnam National University, Professor Rose AMAL A.O. of UNSW Sydney, and Dr. Jack STEELE, Director of Science Impact and Policy at the CSIRO.

The event also celebrated EcoMag’s Initial Public Offering of shares in a $3-5 million capital raising, and application for official quotation of EcoMag shares on the Australian Stock Exchange. For more information, refer to the prospectus.