Freeport’s First Quarter Profit Drops on Labor Issues
CBS News reported that profits for Freeport McMoRan (NYSE:FCX) fell due to labor disputes and lower production.
Moly Market News Directory
Avanti Secures Financing to Develop Kitsault Moly Mine
Winnipeg Free Press reported that Avanti Mining (TSXV:AVT) secured a $640 million loan to advance the British Columbia-based Kitsault mine.
Northcliff Buying Tungsten-Moly Assets in New Brunswick
Mineweb reported that Northcliff's (TSX:NCF) acquisition of the Sisson project provides insight into decision-making by junior miners.
Tosca CEO Provides Update on Red Hills Copper-Moly Project
Reuters reported that Dr. Sadek E. El-Alfy, CEO of Tosca Mining Corp. (TSXV:TSQ,OTCQX:TSMNF), recently spoke to James West of Midas Letter about Tosca's Red Hills copper-molybdenum project.
Short-Term Spot Moly Oxide Outlook Uncertain
Platts reported that Chinese traders are not in agreement about the short-term outlook for spot molybdenum oxide prices.
ABB to Supply Mill Drives to Freeport’s Cerro Verde Mine
Mineweb reported that ABB will supply gearless mill drives to Freeport-McMoRan Copper and Gold's (NYSE:FCX) copper-molybdenum mine in Peru.
Global Spot Moly Price Unlikely to Exceed $20/lb Until 2020
Platts reported that Ionut Lazar, a senior consultant at CRU Strategies, said that the global spot price of molybdenum oxide is not likely to be more than $20/lb until 2020. Instead, it will hover around $15/lb as capacity exceeds anticipated yearly demand growth of 3 to 4 percent.
China’s Moly Export Restrictions Unlikely to Change this Year
Platts reported that according to Jia Hongyan, the General Manager of the publication Molyworld, China's molybdenum export restrictions, which include an export quota, licensing, and tax, are not likely to change in 2012.
Moly Oxide Powder Trading Higher Than $14/lb in China This Week
Platts reported that this week traders in China did not want to make spot sales of molybdenum oxide powder below $14 per pound despite the fact that sales have been closing between $13.80 and $13.90 per pound.
Japan Supports US and EU in Moly Export Quota Complaint
Platts reported that Japan has joined the European Union and United States in filing a complaint against China’s molybdenum export quota despite being unaffected by the policy.
