Moly Mines awards $1.1b contract
Email Print Normal font Large font February 15, 2008 - 1:04PM
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Moly Mines Ltd has awarded a $1.1 billion, seven-year mining and earthmoving contract for its $1.07 billion Spinifex Ridge molybdenum project in Western Australia to Perth-based contracting group Macmahon Holdings Ltd.
Mining development is expected to commence mid this year, with a 32 million tonne waste pre-strip completed prior to the commissioning of processing facilities.
The project has a 470 million tonne molybdenum and copper resource and is expected to produce, on average, 24 million pounds (about 10,800 tonnes) a year of concentrates for more than 20 years.
At 1251 AEDT on Friday, shares in Moly Mines were five cents, or 1.86 per cent, lower at $2.64 while Macmahon's shares were two cents, or 1.47 per cent, higher at $1.38.
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