The Sichuan branch of the China Development Bank has confirmed the basic terms underlying a proposed $665 million term loan to finance the Mt. Hope molybdenum project in Nevada, General Moly Inc. confirmed yesterday. While there are no binding commitments at this time, the loan facility will now progress through drafting and syndication and...
Molycorp Inc. said today that a $390 million strategic investment from Santiago-based Molibdenos y Metales S.A. (Molymet), the world’s largest processor of the strategic metals molybdenum and rhenium, will finance its growth and will help the rare-earth processor continue to pursue its vertical supply chain integration business model. The Chilean firm gets 12.5 million...
The Battle Mountain, Nev., office of BLM last Friday approved the Mt. Hope Draft Environmental Impact Statement (DEIS) for printing, advancing the document toward publication of a Notice of Availability (NOA) of the DEIS in the Federal Register, General Moly Inc. reported this morning. Once the Mt. Hope DEIS is printed, the NOA will...
In its second-quarter earnings report released late yesterday, Thompson Creek Metals Co. Inc. said a variety of factors were causing a delay in construction of the mill expansion at its Endako molybdenum mine near Fraser Lake, 100 miles northwest of Prince George, B.C. The mine is operated as a joint venture with Thompson Creek holding...
It looks as if 2011 will the the Year of Molybdenum — at least for General Moly. Riding a continued high price for the metal — the Ryan’s Notes average was reported at $16.70 today — the Lakewood, Colo.-based firm said it would allocated $2.5 million in its 2011 budget to advance its Liberty...
Thompson Creek Metals Co. Inc. said yesterday it now expects production and sales of molybdenum from its own mines will be in a range of 22 million to 26 million pounds in 2009, up from previous guidance of 20 million to 24 million pounds. “In response to the recent improvements in the molybdenum market,...
Thompson Creek Metals Co. Inc. reported record production of 26 million pounds of molybdenum in 2008, record revenues of $1.01 billion, record cash flow from operations of $417.6 million and record earnings before special non-cash charges of $276.3 million. That’s all before the final quarter of the year, when both moly’s price and the...
Mercator Minerals Ltd. said today it has begun shipping molybdenum concentrates from the new mill at its Mineral Park property in northwest Arizona to a roasting facility in Tucson, five hours away by truck. “Production of molybdenum and copper continue to increase as we get the circuit fined tuned,” said Mike Surratt, president and...
Golden Phoenix Minerals Inc. is selling its interest in the Ashdown Project LLC to partner Win-Eldrich Mines Ltd., giving that firm total ownership. The deal announced yesterday gives Golden Phoenix $5.3 million and the opportunity to focus on its Mineral Ridge gold/silver mine in Esmeralda County, Nevada, “at a time when the gold market...
