TECHNOLOGY FOCUS - METALLURGY - Preferred Parameter: The coating of catalytically active metal deposited on a portion of a surface of the alloy is less than 150 (preferably less than 100) Angstrom .Preferred Material: The coating is formed from iron (Fe), palladium (Pd), platinum, iridium, gold, and/or their alloys.Preferred Component: The Mg-Ni based alloy further contains manganese (Mn) and cobalt (Co). The Mg-Ni based alloy further contains Fe, aluminum (Al), zirconium (Zr), zinc (Zn), copper (Cu), silver (Ag), boron (B), lanthanum (La), ruthenium (Ru), rhenium (Re), lithium (Li), chromium (Cr), Pd, silicon (Si), vanadium (V), strontium (Sr), Misch Metal and/or their alloys. The Mg-Ni based alloy has a two-phase structure, including a Mg-rich phase and a Ni-rich phase. The two-phase structure includes amorphous structural regions and microcrystalline structural region.Preferred Composition: The Mg-Ni based alloy has a Mg content of 40-65 (preferably 45-65) atomic%, and Ni content of 25-45 (preferably 30-40) atomic% of the alloy. The Mg-Ni based alloy has a cobalt content of 1-10 (preferably 2-6) atomic% and a manganese content of 1-10 (preferably 3-8) atomic% of the alloy. At least one Fe, A1, Zr, Zn, Cu. Ag, Cu, B, La, Ru, Re, Li, Cr, Pd, Si, V, Sr, Misch Metal and/or their alloys is incorporated into the alloy in quantities totaling less than 5 atomic% of the alloy for all inclusions and each individual element is incorporated into the alloy in quantities less than 3 atomic%.Preferred Method: The microstructure is created by forming a melt of the desired composition of the alloy; melt quenching the melt onto a chill roller to form melt-quenched alloy ribbons, where the melt quenching parameters are controlled such that the melt-quenched alloy ribbons have a two phase microstructure including a Mg-rich phase and a Ni-rich phase; and grinding the melt-quenched ribbons in an attritor to for a sufficient time to form a powder from the melt-quenched ribbons, form the micro-tubes, and produce a mixture of amorphous structural regions and microcrystalline regions.