General Moly (the “Company” or “General Moly”) (NYSE American and TSX: GMO), the only western-exchange listed, pure-play molybdenum mineral development company, reports that the recent molybdenum spot price has topped $11 per pound, a level last seen in 2014, and over 60% higher than the year-end 2016 price of $6.70 per pound.
Commenting on the molybdenum outlook for 2018, General Moly Chief Executive Officer Bruce D. Hansen said:
“We are excited by the robust performance in the molybdenum (moly) spot price in the new year. Moly is the premier alloy to toughen steel and make it corrosion resistant, which is critically important in all aspects of drilling, production, refining, storage and transportation in the oil and gas industry.
However, moly prices remain volatile, and with the continued recovery of the petroleum industry, we anticipate the potential for generally higher prices going forward in 2018.”