Moly Market Update (March 8, 2012)

By Robert Young – Exclusive to Moly Investing News

The molybdenum oxide market appears to be undecided when one looks at the charts. The price has bounced from a high of $15.18 per pound in mid-February to a low of $14.25 per pound just a few days later. By March 6, the price seemed to be settling in the $14.50 per pound range.

Thompson Creek Metals (TSX:TCM), announced its financial results for 2011. The company produced 28.3 million pounds of moly in 2011 and sold 31.8 million pounds of moly from its mines, for an average realized moly sales price per pound for the year of $16.28, up from $15.67 in 2010. The company’s average realized molybdenum sales price in 2011 increased 3.9% from its 2010 average. Production has moved into a new phase of higher-grade ore and the Thompson Creek mine is now on track to achieve previously announced 2012 production guidance of 16 – 17 million pounds of molybdenum.