UPDATE: Methanex to Expand New Zealand Operations; Shares Touch New 52-Week Highs
Methanex Corporation (MX.TO) plans to increase operating capacity at its New Zealand operations by 700,000 tonnes to 2.2 million tonnes by the end of 2013.
The company has secured a new natural gas supply agreement, which will enable the restart of the methanol plant at its Waitara Valley site by late in the third quarter, adding 500,000 tonnes of production per year. In addition, the company will add capacity at the Motunui site by increasing distillation to add another 200,000 tonnes annually. The current estimated capital cost of these 2 projects is approximately $65 million.
MX touched a new 52-week high of $39.84 today. Volume traded is over 6,000.
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