Key Developments: Moly Mines Ltd (MYMNF.PK)
0.11USD
23 May 2013
$-0.00 (-2.23%)
$0.12
$0.11
$0.11
$0.11
5,000
2,126
$0.25
$0.11
Latest Key Developments (Source: Significant Developments)
Moly Mines Ltd Enters Into Mine Gate Sale Agreement With Mineral Resources Limited
Moly Mines Ltd announced that the Company has entered into a mine gate sale agreement for iron ore produced at the Company's Spinifex Ridge Iron Ore Mine (Transaction) with Mineral Resources Limited (MRL). The Transaction is subject to approval of the Company's shareholders at an extraordinary general meeting to be held in the second half of June 2013. Under the Transaction, the Company's wholly owned subsidiary Moly Metals Australia Pty Ltd (MMA) will sell ore from the Spinifex Ridge Iron Ore Mine to MRL at the mine gate. MRL will operate the mine to the end of the mine life. It is intended to assign various MMA operating agreements to MRL, the assignment of some of which are a condition precedent to the Transaction. The Company will retain all the tenements and its rights in relation to its Molybdenum/Copper Project and may continue or re-commence work programs for that Project. MRL will pay MMA a purchase price calculated on the basis of an agreed minimum product tonnage. Delivery is expected to commence by the end of June at which time about 2.4 million dry metric tonnes (dmt) is estimated to be available under the current mine plan. Based on these estimates the purchase price will total approximately AUD38 million. This price is payable in two installments, mostly by an upfront payment and the remainder by a final payment once the economic life of the Spinifex Ridge Iron Ore Mine has been exhausted. Full Article
Moly Mines Ltd Announces No Dividend For FY 2012
Moly Mines Ltd announced that its Directors have resolved not to recommend a dividend for the year ended December 31, 2012. No dividends were declared or paid during the year. Full Article
Moly Mines Ltd Appoints Collis Thorp As Acting Chief Executive Officer To Replace Derek Fisher
Moly Mines Ltd announced that Dr. Derek Fisher has resigned as the Company's Managing Director and Chief Executive Officer as of March 15, 2012. The Company advises the appointment of the Co0mpany's Chief Operating Officer Mr. Collis Thorp as acting Chief Executive Officer. Full Article
Moly Mines Ltd Enters Strategic Alliance With CDB-Update On Molybdenum / Copper Project
Moly Mines Ltd announced the signing of a Memorandum of Understanding (MOU) with China Development Bank Corporation (CDB) that establishes a Strategic Alliance between the companies for the financing of new mining projects identified and introduced by Moly Mines. Under the Strategic Alliance, CDB will consider providing financial support (including loans) for projects on terms with a similar commercial effect to CDB as those set out in the existing USD454 million Syndicated Facility Agreement (SFA) for the Spinifex Ridge Molybdenum / Copper Project. At the same time the Board of Moly Mines has formed the view that the continued weakness of global molybdenum prices and the strength of the Australian dollar has rendered the Spinifex Ridge Molybdenum / Copper Project sub-economic and that these factors will not correct themselves before the expiry of the SFA in May 2012. Consequently a final investment decision is unlikely to be made within that timeframe. Full Article
Moly Mines Ltd Signs USD494 Million Debt Facilities for the Spinifex Ridge Molybdenum/Copper Mine
Moly Mines Limited announced that it has signed various project debt agreements with China Development Bank Corporation (CDB) totaling USD494 million for the construction of the Spinifex Ridge Molybdenum / Copper mine (Spinifex Ridge). The facilities consist of a USD454 million Syndicated Facility Agreement (SFA) and a USD40 million working capital facility with CDB. Hanlong Mining Investment Pty Ltd (Hanlong) will also provide a USD6 million junior subordinated loan on terms consistent with the SFA over the coming months to fulfill Hanlong's USD500 million commitment to Moly Mines. Full Article
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