On Tuesday, American CuMo released encouraging results from infill drilling at its CuMo project.
The resurrection of the Kitsault mine received a crucial environmental permit last week.
A brief overview of molybdenum price developments, supply and demand and significant market movers.
The Kitsault mine in British Columbia has received environmental approval from the BC government despite objections from the Nisga'a First Nation over environmental impacts.
Marengo Mining Ltd. (TSX:MRN,ASX:MMC) provided an update on its Papua New Guinea-based Yandera copper-molybdenum-gold project, commenting that before a final feasibility study can be prepared, the company needs to identify an alternative cost-competitive source of power for the project. That's because Marengo's preferred third-party power provider has backed out of the proposed arrangements for power supply.
General Moly Inc. (TSX:GMO,AMEX:GMO) provided an update on its finances, noting that it has terminated its $125-million subordinated loan agreement with Hanlong (USA) Mining Investment Inc.; the loan was intended to help finance General's Mount Hope project and the termination was mutual.
Cache Exploration Inc. (TSXV:CAY) announced that it received positive results from reassaying 2012 drill core for molybdenum. The company's new sampling shows that moly mineralization includes 3.23 meters from 20.7 to 23.93 meters containing 0.24-percent moly.
Amerigo Resources Ltd. (TSX:ARG) released its results for the first quarter of 2013, noting that it produced 258,301 pounds of molybdenum, a 19-percent increase compared to the year-ago quarter. Its copper production fell by 8 percent, to 12.8 million pounds.
Avanti Mining Inc. (TSXV:AVT) COO, Mark Premo spoke with the Investing News Network about the company's flagship Kitsault project in BC. Mr. Premo comments on the recent award of a provincial environmental certificate, which enables the Company to move forward with the permitting process at the project.
Research in China's new report, Global and China Molybdenum Industry Report, 2012-2015, reveals that while the molybdenum market remained "in the doldrums" for the bulk of 2012, with output and consumption essentially equal, prices began to rise at the end of the year. The average price for the year was US$12.74 per pound, a 17.5-percent decline compared to 2011.
Platts reported that China's producer of moly concentrate, China Molybdenum, said that they expect the Chinese steel sector to give a boost to prices through 2013.
Platts reported that Asian spot trade of molybdenum oxide powder was flat on Wednesday.
Platts reported that an uptick in interest from European traders supported spot demand for moly oxide powder on Tuesday.