Molybdenum’s decline leaves few strong contenders

Moly Investing News reports price of molybdenum’s decline to US$12 per pound, lowest since 2008, giving other metals a stronger edge.

It is not all doom and gloom in the industry; junior miner Nanika Resources has secured yet another $500,000 placement. Unlike many junior exploration companies suffering through the current credit crunch, Nanika, owners of the Lucky Ship molybdenum property approximately 85 kilometers southwest of Houston, has concluded a non-brokered private placement with Mineral Fields, a Toronto-based mining fund, with gross proceeds of $500,000.The company said the proceeds of the flow-through private placement will be used for qualified Canadian exploration expenses on the company’s mineral properties in Canada.