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Hanlong, Moly Mines exec detained in China: reports

Keywords: Tags  Moly Mines, Sichuan Hanlong Group, Liu Han, Daniel Fitzgerald

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 Han.

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. Liu’s position as a director, and will advise the market further should these enquiries render any relevant information," the company said.

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 (, Dec. 29, 2011).

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