A process for producing carbon graphenes and other nanomaterials, comprising the steps of combusting carbon dioxide (CO2) and magnesium (Mg) together in a highly exothermic oxidation-reduction reaction that produces a reaction product containing carbon and magnesium oxide (MgO), rapidly cooling the reaction product to form carbon graphenes and MgO nanoparticles, collecting gaseous MgO from the reaction, separating the carbon graphenes and the MgO nanoparticles from each other, purifying the carbon graphenes, processing at least some of the MgO to recover Mg from it, and using at least some the recovered Mg in the combustion reaction.