The following article highlights how Molybdenum is getting into a shortfall situation as a by product of Copper Mining and therefore this could cause the Molybdenum Price to Firm:-
Quote/ Asarco to miss 2007 450,000 lb moly production target: Asarco
Henderson, Kentucky (Platts)--24Sep2007
US copper producer Asarco will not meet its goal of producing approximately 450,000 lb of molybdenum in 2007, a company official told Platts on Monday.
"We're at about half of our projected levels," said John Low, Asarco vice president of mining operations. "It just wasn't in the ore.. It didn't turn out as we projected," he added.
Asarco resumed moly production last December at its Mission complex in Sahurita, Arizona. Molybdenum, which occurs naturally in the Mission ore body, is produced as a byproduct of Asarco's copper operation.
Prior to the moly restart, Joseph Lapinsky, Asarco president and CEO, said restarting the molybdenum circuit would allow the company to better utilize its mineral resources and benefit from favorable market conditions.
The company last produced molybdenum in 1996 but stopped because of low market prices and the absence of the mineral in the ore then being mined.
According to Low, Asarco is working on its 2008 moly projects. The company expects to complete its evaluation in about a month, he added.
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Regards,
moly
THR Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
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