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Basic Magnesium, Inc. (BMI) formed in June 1941 as a joint venture between Basic Refractories, Inc. of Cleveland, Ohio and Magnesium Elektron, Limited of England. Basic Refractories, Inc. owned mining claims in Gabbs Valley, Nye County, Nevada, which produced the magnesite and brucite needed to produce magnesium metal. Magnesium Elektron, Limited owned the patent for the electrolytic process of extracting metallic magnesium from these minerals.