NEWS

20 March 2009 After Thursdays market close, Thompson Creek Metals, the molybdenum producer, declared a net loss for the fourth quarter, resulting from a partial write-down of goodwill assets and other special non-cash charges.

18 March 2009 Great Panther Resources Ltd., announced revenues and earnings results for its fourth quarter and year ended December 31, 2008. While highlighting its exploration results, the company said that its molybdenum-rich skarn discovery at Mapimi Project in Durango has expanded to more than 250 metres across and 200 metres thick.

18 March 2009 Government spending will spark a recovery in steel demand towards the end of the year; but its mark on the molybdenum market will be limited. Demand for molybdenum in China likely will rise 6 percent in 2009, then slip to 52,800 tonnes in 2010 before growing again in 2011.

17 March 2009 Investors must know that patient money right now is marking time in molybdenum and possibly other specialty elements and novel life-science compounds that might improve our current treatments for dementia, heart disease, influenza and cancer.

13 March 2009 Codelco of Chile reported that it produced 21,000 tonnes of molybdenum in molybdenum concentrate in the full year of 2008, down by 25% YoY as compared with that of 28,000 tonnes in the preceding year of 2007.

10 March 2009 The market for molybdenum, used as an anti-corrosion agent, may remain “in surplus” this year, Antofagasta said.

9 March 2009 Molybdenum prices are currently hovering around the $9 per lb mark, a drastic decline from last Augusts’ high of $34. Molybdenum managed to hold its price point longer than other metals; but in the fourth quarter of 2008 the steel industry’s defeat sent molybdenum on a free fall.

6 March 2009 China local molybdenum concentrate price further dropped this week to 1,600 yuan ($234) per mtu, from 1,650-1,700 yuan per mtu last week, on weak demand and the onslaught of cheaper imports.

5 March 2009 Molybdenum prices will remain weak at between $10.50-$11 a lb this year because of weak demand from steel makers, but in 2011 it will rise to above $20 as demand rebounds, U.S.-based CPM Group said on Wednesday.

3 March 2009 The soft launch of the London Metal Exchange’s contracts in molybdenum oxide has been pushed back towards the end of this year, later than previously scheduled.

2 March 2009 Molybdenum has crashed from $33 per lb in mid ’08, to its Friday closing value $8.70 per lb. Analysts predicts the metal is in for a slow recovery this year, and is anticipated to average $11.00 per lb.

27 February 2009 Chilean Molybdenum output dropped 19 percent to 2,870 tons.

24 February 2009 European molybdenum price declined below USD 9 per pound for the first time in 5 years, staying at USD 8.9 per pound to USD 9.4 per pound.

30 Sept 2008 Miranda Gold Corp. ("Miranda") (TSX VENTURE:MAD) (OTCBB:MRDDF) (FRANKFURT:MRG) announces (Monday) that it is evaluating a possible copper-molybdenum porphyry system on its Redlich property in Esmeralda County, Nevada.

29 Sept 2008 Moly Mines Ltd has executed full financing documentation for the provision of a $US150 million interim debt financing facility with various funds associated with the Trust Company of the West. Moly, which is focused on developing its Spinifex Ridge molybdenum project will issue notes with an aggregate principal value of $US150 million.

 

26 Sept 2008 A mining exploration company searching for molybdenum in central Queensland says it has found molybdenum grades 10 times the average levels. Zamia Gold is searching for the resource, which is used to strengthen steel. Technical director Sam Lees says it has found particularly high grades. "Within the high-grade zone we've found that we had some very, very high-grade molybdenum veins," he said. "We've had up to 7,000 parts per million, which is 0.7 of a per cent. So it's a very high grade, about 10 times the average grade you'd expect in a molybdenum mine." – ABC News

26 Sept 2008 Shareholders of Chilean molybdenum processor Molymet approved a US$216mn capital increase with the issue of 12.7mn shares to be used for funding of several growth projects that could include organic expansions and acquisitions, according to company CEO John Graell. With demand rising steadily and molybdenum prices at record levels of around US$33.00/lb, Graell said Molymet's main objective is increasing capacity.

23 Sept 2008 Owing to sluggish demand, molybdenum concentrate price in China continues to dip. It stays at CNY 3650 to CNY 3700 per tonne in major mines and in other mines the price has dropped to CNY 3600 per tonne. A molybdenum miner in Henan revealed that he had sold a batch of 45% molybdenum concentrate at a price a bit higher than CNY 3700 per tonne, underscoring that current mainstream price of CNY 3650 to CNY 3700 per tonne. Another mine has lowered its offer to CNY 3650 to CNY 3700 per tonne. It also expressed that the lowest transaction price of ferromolybdenum has dipped to CNY 251,000 per tonne and that molybdenum concentrate price would continue to drop. – Steel Guru

 

1 Sept 2008 The London Metal Exchange will start trading molybdenum futures next year. A person with knowledge of the matter said: The contracts will begin in the second half. As prices surge for the raw materials used in iPods, laptops and steel products, Bloomberg reported that London Metal Exchange may decide next week to begin trade in cobalt and molybdenum futures. Mr Evans was quoted as saying: We have seen a lot of interest from industry participants, from miners through to consumers and traders.