Molybdenum Mines makes shipment of Spinifex Ridge iron ore to China

Moly Mines has 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 WMT grading approximately 59% iron.

Final pricing is expected to be in the range of USD 160 per tonne to USD 170 per tonne CFR China if prices remain constant during the 12 day voyage to the discharge port. The transaction amounts to about USD 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.

Moly Mines is an ASX and TSX listed resources company focussing on the development of base metals projects including the world class Spinifex Ridge Molybdenum Project. Spinifex Ridge is the world's leading undeveloped primary molybdenum deposit.