The saying that good things end bad come in threes has proven true for us this year. Problems of both mines have occurred at the same time as a pronounced weakness in the moly market. In a year in which most analysts expected a strong moly market, the prices fall into the $11 range. Weakness in the European markets and reduced growth rates in China, when coupled with a sense of uncertainty worldwide, have slowed market activity in moly to a crawl. We continue to believe that underlying market fundamentals are sound, but there is not much short-term optimism at the moment.
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