Freeport McMoRan Copper & Gold Inc of the USA reported last week that the company revised its plans for Molybdenum sales in response to weakening market conditions. The projected sales of molybdenum by is declined by 12.5% in 2009 and 30% in 2010 respectively as compared to previous plans. For full story, click here For [...]
Platts reported that the value of Chile’s exports of ferromolybdenum and molybdenum declined by 49.9% YoY to USD 179 million from USD 357.3 million in the same month of 2007, primarily due to steep decline in international molybdenum prices and lower production from Chile’s large copper mines, several of which produce the minor metal as [...]
Slower Chinese buying impacted Ferro-molybdenum prices between last Wednesday and Friday; however, the US’s proposed $136 Billion infrastructure spending plan capped the downside. Western-grade Ferro-molybdenum fell to $24.50-26.50 per kg from $26-28 per kg previously, with the bulk of material sold towards the low end of the range.
Molybdenum, a seemingly invincible metal this year finally took a hit in the fall as economic malaise spread. The alloying metal is down 65% this year, and this decline was seemingly overnight.
The global economic slowdown is affecting both the demand, and price for molybdenum. To cope, companies are planning output cuts and plotting new investment strategies. For the few companies that have a very strong financial position, they are on the look out for acquisitions.
Molybdenum has gone from an obscure metal, to a high performer garnering the attention of the LME, and then back to an undervalued alloying metal. Once an overlooked player in the investment arena, interest in moly picked up when worldwide spending on infrastructure took off, sending the metal’s price to new heights.
Quadra Mining has postponed plans to begin construction of molybdenum mine in East Greenland due to recent decline in metal prices. For full story, click here
The Copper Metro District received a big boost towards its new fire station due to $63,000 donation by Climax Molybdenum for the project. For full story, click here For Climax’s website, click here
The sudden and violent drop in molybdenum prices from $26 to $12 has left investors in shock. George Topping, an analyst at Blackmont Capital said: Looking at market reports, we’re hearing of trades in single digits. It’s an amazing decline. For full story, click here
Roca Mines Inc. provided production review for its MAX Molybdenum Mine and an outlook for ongoing operations. The MAX Molybdenum Mine has recently produced 245,754 lbs of molybdenum during September 2008 and 187,979 lbs of molybdenum during October 2008. For full story, click here For Roca’s website, click here
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