International
Magnesium Trade Alliance
FOR IMMEDIATE RELEASE
NEW YORK, NY: June 20, 2023: Galaxy Magnesium and L&J Holdings announced today the signing of a contract and co-operation agreement, aimed at expanding global magnesium markets. The contract provides for delivery of an initial 500 metric tonnes of pure ingot magnesium from Galaxy’s network of mines and production facilities in north-central China, to the dock and warehouse of L&J Holdings in Pusan, Korea. Demand is expected to increase, and become a regular monthly shipment to major industries in Korea.
Galaxy Magnesium is based in Honolulu, with executive offices in New York; L&J Holdings is based in Pusan Korea, with dock and warehouse facilities in Pusan and Seoul-Incheon. Galaxy has a mining ally in Canada.
So this agreement brings together the USA, China, Korea and Canada in a new trans-Pacific commercial alliance.
“Our market research sought out under-served opportunities in metal commodities markets. We determined that magnesium, as a light, green metal with many applications, is positioned for significant market growth,” said Jong Kwang Chul, President of L&J. “We also determined that Galaxy, with its long experience and diversified resources in China and elsewhere, was the best partner for us, in order to get a quick start in magnesium.”
Michael North and Xiaofang Zhou North visited Pusan at the invitation of L&J Holdings, and were hosted there for several days of productive meetings. They were assisted by Galaxy’s agent in Korea, Peter Chang, who serves as liaison between Galaxy Magnesium and L&J Holdings.
A short video about the meetings in English, Korean and Chinese:
http://www.galaxytradetechnology.com/news/galaxy-jl-holdings-korea-contract/
“We’re pleased to expand the reach of Galaxy to Korea — a global industrial powerhouse that is growing quickly across Asian markets, and worldwide,” said Mr. North, co-founder of Galaxy Trade and Technology. “Korea built its post-war economy on steel, and its ability to secure large quantities of cost-effective iron ore made Korea into a leader in global steel markets. Now they’re well-positioned to make a similar move with magnesium, which works well with other elements — iron, copper, lithium, zinc, silicon — to form the basis of a lighter, more ecologically-balanced future for metals in the world economy.”
Xiaofang Zhou North, who is President of Galaxy China, added, “Bringing top scientists and manufacturers in China, where 70% of the world’s commercial magnesium is mined, together with international developers like L&J Holdings, creates growing value for everyone. Automotive, aerospace, construction, energy, nutrition and pharmaceuticals industries all benefit from the flexible qualities of magnesium.”
Galaxy Magnesium will help to bring an immense new source of magnesium from Canada to world markets — economical to refine, with less energy.
CEO Lee Seong-Jae, Chairman of Group Jong Kwang Chul of L&J Holdings commented, “Our goal is to unite key resources, companies and people from six great nations — Korea, the United States, China, Canada, Indonesia and Philippines, which together generate 30% of global industrial output*. We’re proud to do our part in encouraging a relationship of mutual benefit and friendship, dedicated to a sound, intelligent, green future for our planet.”
* https://www.macrotrends.net/countries/WLD/world/manufacturing-output
“Historically, commercial alliances form the basis for peaceful co-operation among people,” concluded Michael North. “Strong economic ties, employment, supply-chain and technology interconnections provide a center of gravity to move the global economy forward, on a clean, green basis, for the benefit of all people, cultures and natural systems. From our recent meetings in China, we know that our friends there agree, and are ready to do their part in leading a shared ecological civilization.”
Executives from L&J Holdings, Galaxy International and Galaxy China, in Pusan Korea.
