"that that it has commenced mining iron ore at Spinifex Ridge, 50km northeast of Marble Bar in the Pilbara of Western Australia.
Mining has commenced at an annualized rate of 1 million tonnes of iron ore per annum with approximately 18,000 tonnes of ore stockpiled ready to be crushed.
Dr Derek Fisher, the CEO/Managing Director of Moly Mines commented that "the commencement of operations at Spinifex Ridge is a wonderful achievement for our Company and I congratulate all our staff. It has been achieved within 20 months of first drilling of this iron ore occurrence. At current prices, the project will be cashflow positive immediately."
From today's ASX release. MOL's market cap? $311 million. What is IFE's market cap? A token $46 million.
Hmmnn ... what can I say?
TYX Price at posting:
87.4¢ Sentiment: Hold Disclosure: Held
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