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Ioannou Predicts “Subdued” Moly Prices in the Next Few Years
BNamericas reported that according to Haywood Securities’ Stefan Ioannou, molybdenum prices will likely remain “subdued” in the next few years as a result of an approaching production glut.
BNamericas reported that according to Haywood Securities’ Stefan Ioannou, molybdenum prices will likely remain “subdued” in the next few years as a result of an approaching production glut.
As quoted in the market news:
Poland-based KGHM Polska Miedz’Sierra Gorda copper-molybdenum project in Chile’s northern region II alone is expected to generate roughly 50Mlb/y of molybdenum over its first three years of production, equivalent to about 10% of global annual demand of 500Mlb/y.
This is double the expected annual growth in global demand of about 5% or 25Mlb/y in the coming years, Ioannou said.
The start of production at Sierra Gorda, expected in 2014, coupled with the restart of production of a number of other major molybdenum producing mines, such as Freeport McMoRan’s (NYSE: FCX) Climax mine in the US, is “going to flip the market,” which is currently about in balance, he added.
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