**EXHIBIT 8.1**

**MFC INDUSTRIAL LTD.**

**LIST OF SIGNIFICANT SUBSIDIARIES AS AT MARCH 31, 2015**
| **Subsidiaries****Country of****Incorporation****Proportion of****Voting****Interest****(1)**MFC Commodities GmbHAustria 100%MFC Trade & Financial Services GmbHAustria 100%IC Managementservice GmbHAustria 100%International Trade Services GmbHAustria 100%MFC Commodities Trading GmbHAustria 100%MFC Metal Trading GmbHAustria 100%Kasese Cobalt Company LimitedUganda 75%MFC (A) LtdMarshall Islands 100%MFC (D) LtdMarshall 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 AGSwitzerland 100%KHD Humboldt Wedag International GmbHAustria 100%MFC Energy Holding Austria GmbHAustria 100%MFC Energy Austria GmbHAustria 100%GPT Global Pellets Trading GmbHAustria 100%MFC Energy CorporationCanada 100%MFC Resource PartnershipCanada 100%MFC Processing PartnershipCanada 100%MFC Resources Inc.U.S. 100%Possehl Mexico S.A. de C.V.Mexico 100%MFC Holding Norway ASNorway 100%Fesil ASNorway 100%Fesil Sales ASNorway 100%Fesil Rana Metall ASNorway 100%Fesil Sales GmbHGermany 100%Fesil Sales SALuxembourg 100%Specialty Superalloys Inc.U.S. 75%F.J. Elsner Trading Gesellschaft mbHAustria 100%(1)Percentages rounded to nearest whole number. Our proportional voting interests are identical to our proportional beneficial interests, except for a non-wholly owned subsidiary in Africa from which we derive a 100% beneficial interest resulting from holding a shareholder loan. |
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