General Moly issues alternate mine plan

Feb 26, 2014 | 02:48 PM | Daniel Fitzgerald

Tags  General Moly, Bruce Hansen, molybdenum, Mount Hope, mine plan, Daniel Fitzgerald

NEW YORK — General Moly Inc. has presented an alternate mine plan for its Mount Hope project in Nevada that accounts for sustained lows in molybdenum pricing.

The Lakewood, Colo.-based company’s "optional scenario" for the mine would provide ore for 24 years of mining and 30 years of milling vs. 34 years and 41 years, respectively, under the current base plan.

At a molybdenum price of $12.50 per pound, the optional scenario reduces the net present value break-even molybdenum price to $10.82 per pound from $11.19 per pound in the base plan, with the undiscounted cash flow break-even price dropping to $9.35 per pound in the new plan from $9.80 per pound in the base plan, General Moly chief executive officer Bruce Hansen said....

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