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.
Platts reported that demand for lower-grade cargoes have cause Japan ferromoly prices to fall.
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