in reply to your post saying that thor closed up on the aim being a positive sign- just curious as to what period we are talking as it closed flat on friday june1 -
Open 1.50 close 1.50 Vol. 2.08M
sidenote: Moly dumped
BUT if you want something that is really unloved, try molybdenum. The latest reports say South Korean buyers are shunning the steel additive at even the depressed level of $US13.50 a pound in the expectation of its going even lower.
A look at some local charts tells the story. Moly Mines (MOL) has seen its shares drop from 95c a year ago to 14c now. And in July 2007, its Spinifex Ridge project, along with moly at $US34/lb, had MOL's shares at $7.25. Spinifex Ridge is now on hold awaiting more cheerful times.
Zamia Metals (ZGM), which has a resource at its Anthony moly project, is down over 52 weeks from 10c to 2.8c, while copper-molybdenum play Aussie Q Resources (AQR) now sits at 8.8c against 32.5c a year ago.
But there is some good news. Thor Mining (THR) put out an upgraded moly and tungsten resource at its Molyhil project and says a development decision is getting close, while the emerging size of the Dart Mining (DTM) deposit in Victoria has kept its price well above the 52-week low.
Another encouraging sign of the longer-term outlook for moly is the increasing Japanese interest in securing reliable supply. Bank of Tokyo and Mitsubishi are loaning Chile's Codelco $US320 million, in return for which nine Japanese industrial giants, including Kobe Steel, will be guaranteed moly shipments. Meanwhile, Itochu Corp is financing exploration for moly (and tungsten) in Burma.
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