Moly Mines on track for iron ore shipments
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MOL |
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TORONTO, ONTARIO--(Marketwire - Feb. 25, 2011) - Moly Mines Limited (Toronto:MOL.TO)(Toronto:MOL.TO) is pleased to advise a shipment of Spinifex Ridge Iron Ore Fines has this evening sailed from Port Hedland, destination China.
The vessel has been loaded with 64,472 wet metric tonnes grading approximately 59% iron. Continued strength in global iron ore markets will result in another strong sales price for this cargo with final pricing expected to be in the range of US$160-170/T CFR China if prices remain constant during the 12 day voyage to the discharge port.
The shipment has been achieved despite two cyclones and periods of torrential rain that have disrupted mining and shipping operations throughout the Pilbara and at Port Hedland in the last 8 weeks. This cargo will be one of the first exports from the Pilbara since Cyclone Carlos forced the closure of the region's ports earlier this week.
Mining rates at Spinifex Ridge have exceeded ramp-up expectations in February, despite some lost time caused by inclement weather. The mine production rate is now expected to reach 1 million tonnes per annum early in the second quarter, well ahead of the planned date of July 2011.
Total iron ore production for 2011 is budgeted at 820,000 tonnes at an average free on board cost of A$60-70 per tonne, before freight costs and state government royalties.
Monthly shipments are now scheduled for the remainder of the calendar year and will increase in size to approximately 80,000 tonne shipments in April. Planning for the March 2011 shipment has commenced with a shipment likely to be booked for the 3rd week of March.