Verde Magnesium, backed by Amerocap investment fund, plans to invest $1bn in Romania within eight to ten years to develop a magnesium mine and a processing plant that would use the magnesium to recycle aluminium and produce aluminium alloys. The company is poised to be the EU’s leading producer of metallic magnesium, offering Europe an alternative domestic supply for its demand, which is currently 100% imported, mainly from China. The metal is in high demand to produce lightweight aluminium alloys that are used in cars and packaging, among other applications. The company was issued the permit …