Molybdenum Market News
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- Category: Molybdenum's News
- Published on 09 August 2013
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Molybdenum market players got a surprise at the end of July, when China Molybdenum Luoyang Company agreed to pay11 $820 million for Rio Tinto’s 80-percent stake in the Australia-based Northparkes copper13 mine. Australia’s OZ Minerals had been expected to win.
Less surprising were second-quarter 2013 results15 from General Moly (TSX:GMO16,NYSEMKT:GMO), which incurred a net loss of $14.3 million, up from $2.7 million in the year-ago quarter.
An $11.5-million non-cash charge related to the termination17 of General’s $125-million loan deal with Hanlong (USA) Mining Investment mainly caused the decline.
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