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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.
News.am reported on the market conditions that affected the weakening of moly prices over the past three years.
Platts reported that demand for lower-grade cargoes have cause Japan ferromoly prices to fall.
The use of molybdenum in nano-technology could significantly increase computing speed, super semiconductor batteries as well as electrical generation. The material only a few atoms thick, reduces electrical ‘leakage’ better than graphene, which won a Noble Prize last year.
“Sell in May, and Go Away,” may hold true for minor metals such as molybdenum this year. However, recent moves by the Chinese and speculation on China’s growth numbers may be the true factors driving the molybdenum market.
By Melissa Pistilli-Exclusive to Resource Investing News
Copper Investing News
After a screaming rally, the fastest on record, copper prices fell around the world Tuesday pushed down by concerns over swelling stockpiles, which are rising as miners up production to take advantage of higher prices.
There are concerns that copper prices are inflated
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
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