Tuesday, 29 Mar 2011
Moly Mines said that it has confirmed the third shipment of iron ore from the Spinifex Ridge project, east of Port Hedland, western Australia.
The vessel, which is carrying 70,202 wet metric tonnes of iron ore grading 60% iron, is destined for China. Final pricing is expected to be in the range of USD 160 to USD 170 per tonne CFR China.
The company said that shipments for the March 2011 quarter have met forecasts, and ramp up of the mine, which began production late last year, is now complete.
Monthly shipments are scheduled for the remainder of the calendar year, with a budget of 820,000 tonnes targeted.
The company's iron ore deposits are located on the same tenements as the Spinifex Ridge molybdenum project. (sourced proactiveinvestors)
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