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)
Showing posts with label Moly Mines Ltd. Show all posts
Showing posts with label Moly Mines Ltd. Show all posts
Tuesday, March 29, 2011
Monday, March 7, 2011
Moly Mines secures port access agreement
Monday, 07 Mar 2011
The West Australian reported that Moly Mines will look to expand production at its Spinifex Ridge iron ore project after securing access to the new Utah Point multi user export facility at Port Hedland to September 2015.
The company said the agreement with the Port Hedland Port Authority would underwrite significant future iron ore cash flows that were assisting in financing for its larger Spinifex Ridge molybdenum / copper project.
Moly said in a statement that “Scoping studies are underway to determine an optimal expanded iron ore mining and production rate. Longer term access to port was a critical first step in these studies.”
The company said it had begun assessing the levels of approvals required to support the possible infrastructure network required for an expanded production base.(source:The West Australian)
The company said the agreement with the Port Hedland Port Authority would underwrite significant future iron ore cash flows that were assisting in financing for its larger Spinifex Ridge molybdenum / copper project.
Moly said in a statement that “Scoping studies are underway to determine an optimal expanded iron ore mining and production rate. Longer term access to port was a critical first step in these studies.”
The company said it had begun assessing the levels of approvals required to support the possible infrastructure network required for an expanded production base.(source:The West Australian)
Sunday, February 27, 2011
Moly Mines resume iron ore shipments at Spinifex Ridge project
Sunday, 27 Feb 2011, proactiveinvestors
Moly Mines said that iron ore shipments has resumed at its Spinifex Ridge project after operations were disrupted by bad weather.
The company said that a ship with 64,472 wet metric tonnes grading about 59% iron has set sail for China. It is one of the first shipments from the Pilbara region in Western Australia, where the Spinifex project is located, since a cyclone forced closure of the ports earlier this week.
Despite disruptions caused by the bad weather, the company said the project’s production rate is now expected to reach 1 million tonnes per annum in early second quarter. The production rate increase was originally planned for July 2011.
For 2011, the company said total iron ore production is budgeted at 0.82 million tonnes at an average free on board cost of AUD 60 to AUD 70 per tonne, before freight costs and government royalties.
Moly Mines also said it has resumed talks to secure the second half of a USD 466 million loan facility from China Export and Import Bank. As part of the loan facility, it received a loan commitment last month of up to USD 250 million from the China Development Bank.
Besides iron ore, the Spinifex Ridge project also contains molybdenum and copper resources.
The company said that a ship with 64,472 wet metric tonnes grading about 59% iron has set sail for China. It is one of the first shipments from the Pilbara region in Western Australia, where the Spinifex project is located, since a cyclone forced closure of the ports earlier this week.
Despite disruptions caused by the bad weather, the company said the project’s production rate is now expected to reach 1 million tonnes per annum in early second quarter. The production rate increase was originally planned for July 2011.
For 2011, the company said total iron ore production is budgeted at 0.82 million tonnes at an average free on board cost of AUD 60 to AUD 70 per tonne, before freight costs and government royalties.
Moly Mines also said it has resumed talks to secure the second half of a USD 466 million loan facility from China Export and Import Bank. As part of the loan facility, it received a loan commitment last month of up to USD 250 million from the China Development Bank.
Besides iron ore, the Spinifex Ridge project also contains molybdenum and copper resources.
Friday, February 25, 2011
Moly Mines to produce 820,000 tonnes iron ore in 2011
Fri Feb 25, 2011 3:51pm GMT* Says loan talks with Hanlong Group, syndicate resume
* Shares up 11 percent
Feb 25 (Reuters) - Moly Mines Ltd expects to produce 820,000 tonnes of iron ore in 2011 and has resumed talks with China-based Hanlong Group and a bank syndicate for a loan, sending its shares up 11 percent.
Moly Mines began commercial production at its Spinifex Ridge project in Western Australia in November and said the production rate at the mine is seen to touch 1 million tonnes a year in the second quarter.
The miner said it has resumed talks with Hanlong Group, its controlling shareholder, and a banking syndicate for a $466 million project finance loan.
The company said Hanlong was working to get a commitment from China Export and Import Bank to match the one it secured from China Development Bank in January for $250 million.
Shares of the Toronto-based company rose 11 percent to C$1.09 in early trading on Friday on the Toronto Stock Exchange.(Reporting by Abhiram Nandakumar, Sourced:Thomson Reuters)
Moly Mines began commercial production at its Spinifex Ridge project in Western Australia in November and said the production rate at the mine is seen to touch 1 million tonnes a year in the second quarter.
The miner said it has resumed talks with Hanlong Group, its controlling shareholder, and a banking syndicate for a $466 million project finance loan.
The company said Hanlong was working to get a commitment from China Export and Import Bank to match the one it secured from China Development Bank in January for $250 million.
Shares of the Toronto-based company rose 11 percent to C$1.09 in early trading on Friday on the Toronto Stock Exchange.(Reporting by Abhiram Nandakumar, Sourced:Thomson Reuters)
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