General Moly, Inc. engages in the development, exploration, and mining
of molybdenum in the United States. The company's properties include
Mount Hope project, a primary molybdenum deposit located in Eureka
County, Nevada; and Hall-Tonopah project, a molybdenum property located
in Nye County, Nevada. Its portfolio also contains molybdenum, copper,
and gold projects, including Little Pine Creek area of Shoshone County,
Idaho; 6 patented mining claims known as Chicago-London group located
near the town of Murray in Shoshone County, Idaho; and 265 acres of
private land with 3 unpatented claims in Josephine County, Oregon,
known as the Turner Gold project.
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General Moly
General Moly, Inc. engages in the development, exploration, and mining
of molybdenum in the United States. The company's properties include
Mount Hope project, a primary molybdenum deposit located in Eureka
County, Nevada; and Hall-Tonopah project, a molybdenum property located
in Nye County, Nevada. Its portfolio also contains molybdenum, copper,
and gold projects, including Little Pine Creek area of Shoshone County,
Idaho; 6 patented mining claims known as Chicago-London group located
near the town of Murray in Shoshone County, Idaho; and 265 acres of
private land with 3 unpatented claims in Josephine County, Oregon,
known as the Turner Gold project.
Reuters has it aas outperform, gone from 2.25 to 12.58 and backed off.The metal itself has gone on quite a run: Molybdenum has a value of approximately $65,000 per tonne as of 4 May
2007. It maintained a price at or near $10,000 per tonne from 1997
through 2002, and reached a high of $103,000 per tonne in June 2005.
he
analysts and experts say that there’s a lot of molybdenum “ore” in the
world these days. That’s true, but if they mean ore in the ground,
which the trade calls “reserves” then this is really misleading
information, because whether there are 12 million tonnes of reserves as
the International Molybdenum Trade association estimates or 19 million
tonnes as the United States Geological Survey estimates no one is
estimating how much of these reserves are easily recoverable at current
and projected prices. The fact is that the world is probably awash in
ore concentrates, because the run up of molybdenum prices since the
American dot.com bust of 1999, and the coincidentally huge expansion of
global markets for consumer goods, has channelled money into:
The reopening of old mines unprofitable at pre-1999 prices;
The development of previously marginal new mines;
Exploration and discovery;
The “rediscovery” by gold and copper miners of molybdenum in their ore bodies that were ignored when molybdenum was cheap, and;
Last, but not least, the almost complete shift or
molybdenum ore smelting and refining to mainland China due to the
American environmental lobby’s total success at shutting down the
American molybdenum smelting and refining industry.
This last factor comes into play when you note the
fact that although the world is awash in molybdenum ore concentrates,
including essentially all such concentrates produced in the U.S., the
Chinese government has recently been shutting down some of its smelting
and refining capacity for “environmental reasons.” This has been a main
factor in maintaining the global molybdenum price. The Chinese are
getting very good at protecting their national interests in the global
commodity market.
Reuters has it aas outperform, gone from 2.25 to 12.58 and backed off.The metal itself has gone on quite a run: Molybdenum has a value of approximately $65,000 per tonne as of 4 May
2007. It maintained a price at or near $10,000 per tonne from 1997
through 2002, and reached a high of $103,000 per tonne in June 2005.
he
analysts and experts say that there’s a lot of molybdenum “ore” in the
world these days. That’s true, but if they mean ore in the ground,
which the trade calls “reserves” then this is really misleading
information, because whether there are 12 million tonnes of reserves as
the International Molybdenum Trade association estimates or 19 million
tonnes as the United States Geological Survey estimates no one is
estimating how much of these reserves are easily recoverable at current
and projected prices. The fact is that the world is probably awash in
ore concentrates, because the run up of molybdenum prices since the
American dot.com bust of 1999, and the coincidentally huge expansion of
global markets for consumer goods, has channelled money into:
The reopening of old mines unprofitable at pre-1999 prices;
The development of previously marginal new mines;
Exploration and discovery;
The “rediscovery” by gold and copper miners of molybdenum in their ore bodies that were ignored when molybdenum was cheap, and;
Last, but not least, the almost complete shift or
molybdenum ore smelting and refining to mainland China due to the
American environmental lobby’s total success at shutting down the
American molybdenum smelting and refining industry.
This last factor comes into play when you note the
fact that although the world is awash in molybdenum ore concentrates,
including essentially all such concentrates produced in the U.S., the
Chinese government has recently been shutting down some of its smelting
and refining capacity for “environmental reasons.” This has been a main
factor in maintaining the global molybdenum price. The Chinese are
getting very good at protecting their national interests in the global
commodity market.
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