Western Magnesium Corporation (OTCMKTS:MLYF) Stock Sees Selling Pressure At Higher Level

Those who have been following the Western Magnesium Corporation (OTCMKTS:MLYF) stock must have noticed that the stock performed poorly on Wednesday and ended the day with a decline of as much as 7%.

Market Action:

On Wednesday, MLYF stock lost 6.97% at $0.6052 with more than 458.97K shares, compared to its average volume of 674.38K shares. The stock has moved within a range of $0.5925 – 0.6910 after opening the trade at $0.6910.

Key Development

That being said, it is perhaps also necessary to note that the company updated its investors yesterday that it was making meaningful progress at the Harrison County plant located in the state of Ohio. The progress made at the plant has taken Western Magnesium a step closer to revitalising the industrial base in the United States. The company seeks to do this through it eco-friendly, innovative and clean magnesium.

The updates provided by Western Magnesium were highly specific. The company noted that the property in Harrison County, which spans across an area of 122 acres, is close to the plant of a modern mixed fuel supplier and a dolomite supplies. In addition to that, the presence of both railways and highways nearby will make it possible for Western Magnesium to transports its finished magnesium to the different parts of the United States with ease.

The update was an important one from the company but it did not do much for the stock and it remains to be seen if it can manage to make a recovery today.

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