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Company profile Moly Mines begins 2012 on the acquisition trail Moly Mines, an ASX- and TSX-listed resource company, moves into 2012 on the acquisition trail with a successfully operating iron-ore mine, cash in the bank, a strategic alliance with the Chinese Development Bank and the support of their major shareholder Hanlong. At the Spinifex Ridge iron-ore mine, Moly Mines is currently mining four areas of iron-ore mineralisation identified within the mining leases granted and acquired for the Spinifex Ridge molybdenum project. They are known as Auton, Auton North East, Dalek and Gallifrey (Iron Ore Project), and are located 500m to the east of the Spinifex Ridge molybdenum-copper resource. Production began in late 2010 with an expected annual production rate of 0.8-1Mt/y. It achieved 1Mt of ore mined and crushed for the calendar year in December 2011 and the mine celebrated the sale of the one millionth tonne of iron ore, which was achieved within 12 months of first shipment. The Spinifex Ridge iron-ore mine has outperformed all expectations during the year, with production exceeding the budget outlook and sales of $121 million for the year. The Spinifex Ridge molybdenum project, located on the same mining leases as the Spinifex Ridge iron-ore mine, is development-ready with all environmental approvals received. In December 2011, Moly Mines reported that the project would be put on hold due to the continued weakness of global molybdenum prices and the strength of the Australian dollar that rendered the project sub-economic for the time being. Moly Mines is embarking on a new corporate direction following the signing in December 2011 of a Memorandum of Understanding with China Development Bank Corporation (CDB) which has www.molymines.com established a Strategic Alliance between the two organisations for the financing of new mining projects identified and introduced by Moly Mines. Under the Strategic Alliance, CDB will consider providing financial support (including loans) for new mining projects on terms with a similar commercial effect to CDB as those set out in the US$454 million Syndicated Facility Agreement for the molybdenum project with CDB. The company’s major shareholder, Hanlong Mining Investment Pty Ltd ,will assist Moly Mines arrange new debt facilities and provide credit support to enhance the finance packages and minimise funding costs. Moly Mines has a very strong technical team and is currently looking at a variety of near-term development projects, which include iron ore, specialty and ferrous metals. CONTACT Moly Mines Limited Principal & Registered Office: Perth 46-50 Kings Park Road West Perth WA 6005 PO Box 8215 Subiaco East, WA 6008 Tel: 08 9429 3300 Fax: 08 9429 3399 E-mail: info@molymines.com Toronto – Canada PO Box 78023 784 Taunton Rd. E. Oshawa, ON L1H 7K0 Canada Tel: +1 416 777 1801 or: +1 416 371 7541
Metals markets poised Exploration is driven, ultimately, by metals prices, or at least the expectation of them THE World Economic Forum (WEF) recently published a frightening report on the risks faced by the global community during the next ten years. In its seventh Global Risks report, WEF presented what it describes as a ‘snapshot’ of how 469 industry leaders and experts perceive the evolving, interconnected, risks that cut across society, the economy, the environment, geopolitics and technology. Chronic fiscal imbalances and severe income disparity are the risks seen as most prevalent over the next decade. Acting in tandem, these risks threaten global growth as they are drivers of nationalism, populism and protectionism at a time when the world remains vulnerable to systemic financial shocks, as well as possible food and water crises. WEF’s Risk Response Network, and its four partners (Marsh & McLennan, Swiss Reinsurance, Wharton Center for Risk Management and Zurich Financial Services) concluded that there were three distinct ‘constellations’ of risk that present a “very serious threat to our future prosperity and security”. The first, entitled ‘Seeds of dystopia’, is the risk associated with a world where a large youth population contends with chronic levels of unemployment while a large population of retirees becomes increasingly dependent on heavily indebted governments. The second constellation of risk, entitled ‘How safe are our safeguards?’, is linked to a diminishing capacity to manage the systems that underpin our prosperity and safety. Third, entitled ‘The dark side of connectivity’, reflects fears of an increase in virtual crime, with daily life becoming more vulnerable to cyber threats and digital disruption. Deloitte has also recently published an annual report on global trends in the resources sector. The financial services company’s global mining leader, Philip Hopwood, noted: “It could be argued that the burning issues facing the mining industry tend to remain largely unchanged over time. While this may be factually correct, it fails to take into account the extent to which shifting social, economic and political trends affect the sector. February 2012 “Looked at in isolation, each challenge may seem familiar. Looked at through a macroeconomic and geopolitical lens, however, it becomes clear that the difficulties afflicting the industry are rapidly reaching an unprecedented level of extremity.” Deloitte’s ‘Tracking the trends’ report lists the ten most important trends. Cost inflation is not new, but it is higher. Changes to fiscal and government policy have been occurring for years, but their volume, unpredictability and associated costs are on the rise. Commodity price volatility is now greater than EXPLORATION SPECIAL Marius Kloppers: BHP Billiton expects copper and iron ore to remain supported by their compelling supplydemand fundamentals ever, driven in part by market uncertainty and the unparalleled demands of Asian governments and consumers. Issues around sustainability, the environment and human rights have escalated into more frequent episodes of community activism and social unrest. Labour shortages continue to mount. Corporate cash holdings have risen, resulting in spiralling shareholder expectations. Capital project portfolios are bulking up. And through it all, the regulatory environment continues to tighten. We see an additional 100,000 ounces of gold Accurate structural geology interpretation can mean the difference between a money pit and a gold mine. When our team of the world’s best structural geology specialists analyse complex data sets you get insights that let you make con�dent, informed decisions. Before you undertake your next mining project, let us give you a clear picture of the risks and rewards. For a snapshot of 17 distinct services to the global mining industry, download our new mining brochure, available at: .com >1,000 professionals • >40 of�ces • 20 countries • 6 continents Mining Journal special publication – PDAC 35
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