Abstract: A novel magnesium alloy consisting essentially of about 6 to 14 weight percent calcium, about 4 to 8 weight percent of copper or nickel, balance magnesium.There is also provided a process for producing a magnesium alloy article having improved properties which comprises the steps of providing a rapidly solidified product having the composition defined above and having a maximum average thickness of about 200 microns in at least one dimension, introducing the rapidly solidified product into a mold, and consolidating the rapidly solidified product to obtain a desired densification of the rapidly solidified product. Consolidation may be carried out by hot isostatic pressing (HIP'ing) the rapidly solidified product at a pressure of about 100 to 300 MPa and a temperature of about 150.degree. to 350.degree. C. for a time sufficient to obtain the desired densification. Alternatively, consolidation may be accomplished by extrusion using the same temperature range, and an extrusion ratio of about 10:1 to 30:1.