Moly Mines is an ASX and TSX listed resource company mining Iron Ore in Western Australia - 170km east of Port Hedland.
At the Spinifex Ridge iron-ore mine, Moly Mines is currently mining four areas of iron-ore mineralisation identified within the mining leases granted and acquired for the Spinifex Ridge molybdenum project. They are known as Auton, Auton North East, Dalek and Gallifrey (Iron Ore Project), and are located 500m to the east of the Spinifex Ridge molybdenum-copper resource. Production began in late 2010 with an expected annual production rate of 0.8-1Mt/y. It achieved 1Mt of ore mined and crushed for the calendar year in December 2011 and the mine celebrated the sale of the one millionth tonne of iron ore, which was achieved within 12 months of first shipment.
The Spinifex Ridge molybdenum project, located on the same mining leases as the Spinifex Ridge iron-ore mine, is development-ready with all environmental approvals received. In December 2011, Moly Mines reported that the project would be put on hold due to the continued weakness of global molybdenum prices and the strength of the Australian dollar that rendered the project sub-economic for the time being. The project remains on care and maintenance with tenement and permitting obligations being met.
The Company is currently focussed on merger and acquisitions of near term production opportunities that can be financed independently.
On 23 April 2010 Moly Mines welcomed Hanlong as the Company’s controlling shareholder (55%) following the settlement of the US$200 million equity and debt funding package.