Magnesium is extracted from its ores by one of two processes. In the first, the ore is converted to magnesium chloride (MgCl2), which is then electrolyzed. In the second process, the ore is converted to magnesium oxide (MgO), which is then treated with the alloy ferrosilicon. The ferrosilicon reacts with magnesium oxide to yield pure magnesium metal.

It is the same for potassium, they both need to be electrolyised

The main industries in Iceland are Fisheries that have traditionally been the largest sector, however Tourism is taking over as the number one industry in Iceland.

Before the Economy collapse in 2008, Iceland also was a Financial Power house, but was hit hard with the Economy Crisis of 2008.