Moly Mines Limited (TSX:MOL)(ASX:MOL) announced that the Annual General Meeting being held on Friday, November 27th, 2009 at 8:30am (Thursday November 26th 7:30pm EST) in Western Australia at Home Base Expo, 55 Salvado Road Street, Subiaco, will be made available via webcast to all shareholders worldwide.
Moly Mines Limited (TSX:MOL)(ASX:MOL) reported that earlier this month Eligible Canadian Shareholders should have received a copy of the short form prospectus and the subscription application in respect to the Share Purchase Plan.
Moly Mines Limited (TSX:MOL)(ASX:MOL) to announced that the company has received confirmation that the Australian Foreign Investment Review Board has no objections to the proposed US$200 million controlling interest investment in Moly Mines by the Sichuan Hanlong Group through its Australian subsidiary, Hanlong Mining Investment Pty Ltd.
Molybdenum demand from steelmakers is set to decrease in the fourth quarter, due to imminent production cut backs by domestic steelmakers following sliding steel product prices over the past few months. In such a scenario, wither moly?
Demand from Asian markets has boosted molybdenum over the past weeks, in spite of lagging North American demand. The strategic metal is currently trading in the range of $10.60 to $10.80 a pound, up from $10 to $10.50 a pound less than two weeks ago.
Government spending will spark a recovery in steel demand towards the end of the year; but its mark on the molybdenum market will be limited. Demand for molybdenum in China likely will rise 6 percent in 2009, then slip to 52,800 tonnes in 2010 before growing again in 2011.
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.
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