China Molybdenum Co Ltd declared that its first-half net profit is expected to fall significantly, hit by lower prices for its products because of the global financial crisis. For full story, click here
Molybdenum miner Roca Mines has mothballed all exploration projects, slashed its workforce by 20 percent and halted plans to double output, in an effort to combat the effects of the global slump. For full story, click here
Erdene Resource Development Corporation reported that steelmakers will struggle to secure supplies of molybdenum in 2011 as the economic crisis spurs producers to shelve 100 million pounds of new supply. For full story, click here
Steelmakers will have to struggle in order to secure supplies of molybdenum, used to toughen the metal, in 2011 as the economic crisis spurs producers to shelve 100 million pounds of new supply. Chief executive Peter Akerley stated: We would be looking at somebody who would help with investing in the project through” supply agreements, [...]
Molybdenum prices are currently hovering around the $9 per lb mark, a drastic decline from last Augusts’ high of $34. Molybdenum managed to hold its price point longer than other metals; but in the fourth quarter of 2008 the steel industry’s defeat sent molybdenum on a free fall.
The steel sector has been deeply impacted by the global economic climate; with an approximate 50% decline in production. Moly, as an important alloy, is following suit.
Global Hunter Corp. has hit 169 meters of .059% Molybdenum on its Rabbit South Project. For full story, click here
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