Moly Mines is an ASX and TSX listed development stage resource company focused on its world class Spinifex Ridge Molybdenum project, 170km east of Port Hedland, Western Australia.
The Spinifex Ridge Molybdenum project is ready for immediate construction pending the completion of financing. All environmental approvals have been received and over A$120 million of long lead items of plant have been constructed and delivered to Perth. A smaller 10 million tonne per annum start up mining and processing operation will be implemented for the initial development that will produce on average 11 million lbs of molybdenum in concentrate and 13.5 million lbs of copper in concentrate per annum for the first 10 years.
The Company also has an Iron Ore project expected to be in production as early as 4th quarter 2010 at an annual production rate of 800,000-1 million tonnes per annum from deposits located on the same tenements as the Spinifex Ridge Molybdenum Project.
On 23 April 2010 Moly Mines welcomed Hanlong as the Company’s controlling shareholder (55%) following the settlement of the US$200 million equity and debt funding package.
