Probably, if you get the 2.4x (MKM-001-00 dye) Made in Singapore ones. Also check if you have the latest firmware on your burner (look in ImgBurn's Tools menu).
Can you provide MD5 hashes of the original ImgBurn.exe and the UPX-decompressed ImgBurn.exe (both from v2.4.4.0)? Use HashTab or something like that to get the MD5 hashes.
Yes, burn at 8x or 12x for best results. Notice in that log that it was set to burn at MAX speed (16x in your case), but didn't reach that speed because there was too little amount of data.
Update your burner's firmware (remove any disc and close the tray before updating then reboot the computer after updating is finished). Try burning at 8x or 12x for best results.
I don't know about your sources but CMC MAG is pure crap, it could only be 2nd tier from the bottom
Your drive isn't recognizing the current media you're using. Try a lens cleaning disc on that burner.
And by "try another dye" LUK meant that you should try other brands of discs (Verbatim is the best you can get) to see which one will work with your burner.
Update ImgBurn to the latest version.
That disc was already damaged in previous failed burn. Try the other available write speeds and, when that fails, please read this: http://forum.imgburn.com/index.php?showtopic=8000