Moly Mines Limited (TSX:MOL)(ASX:MOL) is pleased to report the highlights from its Quarterly Activities report for the period ending December 31, 2009 available on SEDAR (www.sedar.com).
Hanlong Mining Investment
Hanlong to acquire majority control of MOL through US$200 million equity/debt investment Hanlong to procure US$500 million project finance loan facility by 30 June 2010 for Spinifex Ridge Molybdenum Project. FIRB and Moly Mines shareholder approval received. PRC National Development and Reform Commission and Ministry of Commerce approvals received. PRC State Administration of Foreign Exchange approval is in progress. Negotiations ongoing to extend the 31 January cut-off date for the satisfaction of remaining SAFE condition precedent. Spinifex Ridge Molybdenum Project
Feasibility engineering and detailed design work on the 10Mt/a project commenced. Spinifex Ridge Iron Ore Project
Development timetable pushed back due to port delays: Construction ? Q3, 2010. Pre-strip ? Q3, 2010. First ore on ship ? Q4, 2010. Markets
Molybdenum prices stable for the Quarter averaging US$11.8/lb Mo oxide. Spot market activity increased significantly early January taking prices above US$15.00/lb. Seaborne iron ore market remains strong for producers with spot iron price above US$113/t (CIF China) at Quarter end and rising further to US$125/t during January 2010 (Metal Bulletin). Corporate & Finance
TCW Interim Financing Facility restructured. C$31.5 million / A$33.6 million institutional placement completed 30 October 2009. C$15 million / A$16 million Share Purchase Plan completed 7 December 2009.
T.
MOL Price at posting:
86.0¢ Sentiment: ST Buy Disclosure: Held
