Located in the Pilbara region of Western Australia, Spinifex Ridge Mo-Cu Project is fully permitted and ready for immediate development.
Hanlong’s commitment to procure a US$500 million Project Finance Loan Facility for the development of the Spinifex Ridge Molybdenum Project provides the platform to launch the world’s first major molybdenum project in over 25 years.
The Company initially planned to develop and operate a 20 million tonne per annum open pit mining operation and processing plant. Subsequent to a dramatic fall in Molybdenum prices in late 2008, the Company announced the results of a smaller 10 million tonne per annum development case with future expansion to the 20 million tonne per annum case.
The Spinifex Ridge Mo-Cu Project has currently been placed on hold pending more favourable economic conditions.