MOL.AX is one of my best buy. Bought them at $0.36 just a few months ago (mid May 2009), Moly is now sitting at $1.43. Things seem to be coming for the next few weeks, still wondering what they are. I hope I won't misjudge the movement, and that whatever is coming is going to put a rocket to the flying machine.
In the short term, well.. just enjoy the ride!!
From the goss:
Moly Mines Ltd., seeking to build a A$604 million ($511 million) molybdenum mine in Australia, is in talks with Chinese groups for iron ore sales accords from an adjoining deposit amid surging demand.
“We are getting a knock on the door from a Chinese party about once a week now,” Derek Fisher, managing director of the Perth-based company, said today by phone from Kalgoorlie, Western Australia. “We are getting a fair amount of attention particularly from the smaller to intermediate mills.”
Aug. 4 (Bloomberg)
The miner is seeking to sign an off-take agreement to secure sales from its Spinifex Ridge iron ore project, which is expected to begin production in early 2010.
Under such a deal a buyer agrees to purchase output from a particular project at predetermined prices and conditions over a number of years. (Reuter)
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