SAMAG commercial manager Dr Darryl Smith said Westpac's principal roles would be the development of a comprehensive financing plan for the project, providing advice on various funding options and facilitating all matters necessary for the raising of project debt finance.

Westpac Corporate Finance director Martyn Jones was optimistic the project would be favourably received by investors: " SAMAG's risk profile is potentially much lower than any other magnesium project currently being considered in Australia and should prove tempting to financial markets"

Jointly owned by Pima (80%) and Australian-based investment bank Resource Finance Corporation (20%), SAMAG Ltd is developing an initial 52,000 tonne a year magnesium metal plant at a site near Port Pirie in South Australia.