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Moly Mines halts Spinifex Ridge efforts
03 January 2012
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[cdb]
[hanlong]
[moly mines]
[western australia]
Australian-listed Moly Mines has halted the development of the Spinifex Ridge molybdenum-copper project, saying that weak molybdenum prices and the Australian dollar's strength have undermined the project's economics. The sponsor had signed a $454 million loan with China Development Bank in 2011 to fund construction, but the availability under this loan has now been reduced to $210 million, and while it has the same terms as the existing debt, would be used for other deposits that...
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