Kennecott finalise molybdenum plant for 2015

Kennecott Utah Copper has finally decided to get in with themolybdenum market. It was planned over 2 years ago that they were going to build a plant in Magna, this was all planned before the recession hit.

It will be able to process lower grade molybdenum and Rio Tinto want to invest $340m to have the building ready for 2015. it will employ 50 people and Kelly Sanders, Company president says “The outlook for molybdenum demand is very strong, driven by the rapid urbanization and industrialization of China and India,”.

Gold prices rise again

The lovely metal Gold is still selling high at just over £8 per gram.

Its been rising and rising for over a year now and everyone is loving it, wether they are buying it or selling it you can get a good deal.

The high demand for it is amazing as you can most likely tell from watching the television to seeing sign posters, there ar many places to by this pricey metal.

If you are hoping to sell your Gold then look out for places but make sure you get a good deal.

Watford’s lights out due to thieves of scrap metal

There was a power cut through out Watford last night due to thieves who were stealing scrap metal, now this may sound a little odd but electricity supplies EDF have told that they had to turn the power lines off when high voltage cables were stolen.

An EDF worker said: “Anyone entering a substation, other than our own trained engineers, is risking their lives and the lives of others.“Our biggest concern is that thieves risk being electrocuted if they come into contact with high voltage electrical equipment. We will press for the prosecution of anyone caught tampering with our networks and will work with the police to help their investigation of this crime.”

“We would ask customers to report any suspicious activity to police or our Substation Watch hotline, 0800 587 3243.

“Metal theft is currently a global problem, driven by the rising price and high demand for metal across the world.”

It’s not the first time this has happened either, according to reports a similar attack happened in 2008 with similar antics

Copper makes its up move.

Copper metal has increased to its maximum height in over a year, it works out at 3.05 cents at $3.5840 per lb. It grew at $3.6060 per lb, which is incredible work since summer 2008.

“For copper, demand is moving higher and the global economy is recovering,” he said. “Now there are increasing signals coming out of the U.S. that the recovery is a lot better than it was.

“All of that is leading to greater demand expectations.” Says Bart Melek

TCM Expections wrong, increases show.

Thompson Creek Metals have announced that they have a better expected profit from the last quarter than they assumed.

“The medium-term outlook for molybdenum prices remains favorable, especially as the world industrial economy returns to a more normal growth rate and that growth stimulates additional demand for molybdenum,” Kevin Loughrey stated.

TCM reported that molybdenum fabrication increased to £32m from an expected £29m.

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General Moly & Hanlong agreed on Nevada Mine.

A source has said that a Chinese firm is in favor of purchasing 25% equity stake for $80m, along with other support made to fund a molybdenum mine in Nevada.

The agreement is based on Hanlong who are based in the USA having assurance of $665m loan from a bank in China, as well as obtaining 25% of General Molybdenum shares for $80m which is conditional when the loan has been completed.

The equity part of this loan is subject to the stock holder approval.

Both companies have also agreed that Hanlong will hold delivery points when the mine becomes functional.