Thompson Creek Metals has entered into an option to purchase up to a 50-percent interest in Amarc Resources’ Ike project in British Columbia.
The moly market saw some positive activity last week. US-based General Moly announced a “significant investment” and security purchase agreement with AMER International Group, a private multinational company based in China.
2014 was a quiet year for the moly space, though December brought two interesting pieces of news. Looking to the future, those hoping to see a stronger moly market in 2015 may end up getting that wish in the short term, but perhaps not in the long term.
The company said Wednesday that operations at Endako, a moly mine it has a 75-percent stake in, will be suspended at the end of 2014.
General Moly Inc. (TSX:GMO,NYSEMKT:GMO) updated the operating cost estimate and project economics for its Nevada-based Mt. Hope project, commenting that over the first full five years of operation, direct operating costs are expected to average $6.28 per pound, while costs applicable to sales should average $7 per pound.
TickerReport.com reported that pure-play molybdenum miner Thompson Creek Metals Company Inc. (TSX:TCM,NYSE:TC) has been downgraded by analysts at Bank of America Corp. (NYSE:BAC) to an “underperform” rating from “neutral.”
Investors should not expect molybdenum prices to improve until at least the beginning of 2014, analysts interviewed by Metal-Pages believe.
Moly has been priced too low as compared to other minerals already traded in the futures market. The added sauce to the coming moly price surge will be a sure-fire winner for speculators. You in?
Market participants put spot prices for molybdic oxide in a range of $12.75 to $13 per