Molybdenum green light

MOLY Mines has given the green light for the $265 million Spinifex Ridge Molybdenum Project.

The company has completed a Definitive Feasibility Study (DFS) for the 20 Mtpa molybdenum-copper open pit mine and concentrator.

The company’s board have adopted the findings of the DFS and approved the continued development and execution of the Spinifex Ridge Project and financing plan.

“We have expanded the plant size by 33% from the 15 Mtpa pre-feasibility studies,” Moly Mines CEO Derek Fisher said.

The company plans to bring Spinifex Ridge to financial close during 2008 for plant start-up in July 2009.

The DFS for the Spinifex Ridge Molybdenum Project considers a 20 Mt/a molybdenum-copper open pit mine and concentrator facility, for an initial 10 years.

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