NEW YORK Junior miner
Moly Mines Ltd. said it is "seeking clarification" from major
shareholder Sichuan Hanlong (Group) Co. Ltd. on whether it will
be affected by the reported detention by Chinese authorities of
Hanlong chief executive officer and Moly Mines director Liu
Liu is being detained in Beijing
for undisclosed reasons while his family is said to be in
police custody in Sichuan province, according to reports from
Chinese and Australian news outlets.
"Moly Mines is seeking
clarification from Hanlong as to whether this event has any
consequences for the company and Mr. Lius position as a
director, and will advise the market further should these
enquiries render any relevant information," the company
Hanlong holds a 56.8-percent
stake in Perth, Australia-based Moly Mines, according to
AMM sister publication Metal Bulletin.
Moly Mines operates an iron ore
mine in Western Australia and had been developing a
molybdenum-copper mine in the same region that was put on hold
in 2011 due to challenging economic conditions (
amm.com, Dec. 29, 2011).