One challenge facing all moly miners is the metal's recent price decline. Molybdenum oxide has pulled back from $14 a pound a year ago to around $11.50 today, according to data from Metal-Pages.General, for its part, is taking the long view. “We view Mount Hope as a long-term asset,” said Kozak. "Molybdenum prices have pulled back recently, but it's important to keep in mind that this project has a 44-year life. Over the long term, we believe demand for high-grade steels will be robust and prices will improve. The characteristics moly provides, especially strength and corrosion resistance, remain essential for high-demand products like pipelines; desalinization plants; high-strength, low-weight steels increasingly used in automobiles; and aircraft parts, such as jet engines.”
General Moly Breaks Ground At Mount Hope
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