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                         
|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                          

|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.

---