Moly Mines Talks Spinifex Ridge Mine Development
RI: Your share price is right at $1.00 right now. I find that remarkable for a company that is generating $80 million a year right now. What do you think is going on?
DF: We've got a group of shareholders who don't have a lot of confidence in our Chinese partner. It has been brought on by the slowness in terms of getting the the financing in place. That has taken us longer than expected. We're getting to the end of that process now and some of our shareholders have been impatient. All I can say to them is to have patience. At the moment you could say that the company is valued on the iron ore alone and they are getting the moly for free.
RI: When that press release comes out finalizing the details of that there is going to be a lot of excitement?
DF: Exactly. Think in terms of the iron ore as well, if we put a second shift, we will be shipping 2 million tonnes a year . We have to go through permitting for that and we are doing that at the moment and once we achieve that we are going to spend probably $5 million to expand our production to double where we are at the moment just by putting a night shift on and expanding the camp. That will deplete our resource quicker than we thought but because we've got the mill and we have port access we have control over other resources in the region. There are a lot of stranded deposits around. I believe we will be mining iron ore there for at least 10 years and that will drive our stock price as well.
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