Moly Mines Inks Processing Deal Worth $38 Million

The Australian reported that shares in Moly Mines Ltd. (TSX:MOL,ASX:MOL) surged over 14 percent on Wednesday after it agreed to sell iron ore to processing company Mineral Resources for about $38 million.

As quoted in the market news:

Following the deal, Moly Mines will have cash and liquid assets of around $80 million, it said.

The company is majority-owned by China-backed Hanlong Mining, and said shareholders approved the sale on Wednesday at the company’s annual general meeting in Perth.

Click here for the full story in The Australian.