Award of Crushing Contract Iron Ore Activities on Schedule Molybdenum/Copper Project Financing
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- Category: Molybdenum's News
- Published on 29 March 2013
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TORONTO, ONTARIO, Aug 16 (MARKET WIRE) -- Moly Mines Limited (TSX: MOL)(ASX: MOL) is pleased to advise it has awarded a 5 year crushing contract to Perth based Rapid Crushing and Screening Pty Ltd ("RC&S") for the 1 million tonne per annum Spinifex Ridge Iron Ore Project.
The RC&S circuit has the capacity to expand throughput to 1.3 million tonnes per annum with no additional capital. The plant will be mobilized to site to commence crushing in the second half of October. This continues the planned schedule of contract awards required to meet the
first shipment date for the Spinifex Ridge Iron Ore Project by early December 2010.
Mining and haulage tender packages are expected to be awarded by the end of this month.
Mining is expected to commence in September 2010. Ore haulage to the Utah Point facility at Port Hedland is expected to commence in the first week of November 2010.
Site activities continue to progress well. Construction of a 30km water pipeline from the De-Grey borefield is complete and the contractor is demobilising from site. Construction of the haulage road from the iron ore deposits to the run-of-mine pad at the crushing facilities is near complete. Ground preparation for the crushing facilities is underway.
Offsite construction and assembly of camp accommodation units is progressing for transfer to site. The camp site has been cleared with ancillary roads and pads under construction.
US$500 million Project Finance Loan Facility ("Loan Facility") Moly Mines is pleased to announce it has been advised that the Sichuan Province Development and Reform Commission has accepted that the Spinifex Ridge Molybdenum / Copper Project is compliant with China's overseas investment policies. They have progressed the approval process to the next stage with submittal of their recommendations to the National Development and Reform Commission in Beijing. Whilst the ongoing financing process continues to be positive, Moly Mines understands that the 30 September 2010 deadline in relation to the Loan Facility is unlikely to be achieved. Accordingly the Hanlong Group and Moly Mines have initiated discussions in relation to an extension of this deadline and will keep the market informed as these discussions progress.
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