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Moly Mines (ASX, TSX: MOL) made a shipment of Spinifex Ridge iron ore fines destined for China on Friday 25th February, despite recent adverse weather conditions causing delays.
The vessel was loaded with 64,472 wet metric tonnes grading approximately 59% iron, and strength in global iron ore markets is likely to result in another strong sales price for this cargo.
Final pricing is 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 transaction amounts to about US$10,315,520 at the lower price range.
Two cyclones and periods of torrential rain that have disrupted mining and shipping operations throughout the Pilbara and at Port Hedland region of Western Australia in the last 8 weeks.
Cyclone Carlos forced the closure of the region’s ports earlier this week and this cargo will be one of the first exports from the Pilbara since the onset of the adverse weather conditions.
Moly Mines said mining rates at Spinifex Ridge have exceeded ramp-up expectations in February, despite some lost time caused by inclement weather.
The company now expects the mine production rate 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.
Moly Mines has resumed talks for the US$466 million project finance loan facility for the development of the Spinifex Ridge molybdenum and copper project with the Hanlong Group and the banking syndicate.
The Hanlong Group are aiming to secure the commitment letter from China Export and Import Bank which matches the China Development Bank commitment letter received in January 2011.
