Moly Mines reports third iron ore shipment from Spinifex Ridge

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)

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)