CORRECTED: Magnesium Co. Says CVM Minerals Breached $121M Deal

Law360, New York (March 8, 2012, 3:59 PM EST) -- New Jersey metals distributor Inc. slapped a Malaysian magnesium producer with a breach of contract suit Thursday, claiming CVM Minerals Ltd. tricked into signing an unfavorable $120.8 million sourcing agreement so CVM could leverage financing for a new plant.

CVM promised the New Jersey company an equity stake in a new, $34-million Malaysian magnesium production facility to get to sign an offtake deal to purchase and distribute the magnesium, then manufactured a series of delays and excuses so that never received the...
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