Moly Mines
“Also, there has been molybdenum price volatility. Molybdenum as a metal is denominated in US dollars; it’s marketed in US dollars. So in our terms the value of the metal has depreciated significantly, and that has impacted on finances. It hasn’t impacted on China Development Bank’s attitude to the mine, which is quite comforting. And we’re anticipating the Australian dollar to come back. “The debt facility is available for drawdown up until mid-May next year, so we’ve got about 12 months.” He adds: “Do I have a timescale for the construction of the molybdenumcopper mine? Well, we are following the molybdenum market closely. We have obviously got opinions as to where it is heading. The wildcard out there is what is going on in Europe and in the world economy. At the moment, in the short term, I don’t see us making any development decisions. What I see on the horizon is not encouraging. But, look, I don’t know. I couldn’t tell you a timescale. What I can say is that we have a very bright future; I’m excited. There is so much potential here – it is the world’s next big molybdenum mine.” In addition to the molybdenum-copper deposits at Spinifex Ridge, the project also
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