Exhibit 8.1

MFC INDUSTRIAL LTD.

LIST OF SIGNIFICANT SUBSIDIARIES AS AT MARCH 31, 2014

	Country of Incorporation	Beneficial Interest(1)
MFC Commodities GmbH	Austria	100	%
MFC Trade & Financial Services GmbH	Austria	100	%
IC Managementservice GmbH	Austria	100	%
International Trade Services GmbH	Austria	100	%
MFC Metal Trading GmbH	Austria	100	%
Kasese Cobalt Company Limited	Uganda	100	%(2)
AFM Aluminiumfolie Merseburg GmbH	Germany	55	%
MAW Mansfelder Aluminiumwerk GmbH	Germany	55	%
MFC (A) Ltd.	Marshall Islands	100	%
MFC (D) Ltd.	Marshall Islands	100	%
Brock Metals s.r.o.	Slovakia	100	%
M Financial Corp.	Barbados	100	%
Mednet (Shanghai) Medical Technical Developing Co., Ltd.	China	100	%
Hangzhou Zhe-er Optical Co. Ltd.	China	51	%
MFC Corporate Services AG	Switzerland	100	%
Compton Holding Austria GmbH	Austria	100	%
Compton Petroleum Austria GmbH	Austria	100	%
GPT Global Pellets Trading GmbH	Austria	100	%
MFC Energy Corporation	Canada	100	%
MFC Energy (Montana), Inc.	U.S.	100	%
Mazeppa Processing Partnership	Canada	100	%
MFC Resources Inc.	U.S.	100	%
ACC Resources S.R.L.	Argentina	100	%
Possehl Mexico S.A. de C.V.	Mexico	60	%

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Notes:

(1)	Percentages rounded to nearest whole number.
(2)	We derive 100% beneficial benefit from the subsidiary from our holding of a shareholder loan and 75% share capital.