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Property NewsNovember 10, 2008 Announced response to the recent sharp decline in molybdenum prices plans to defer the restart of the Climax molybdenum mine. December 4, 2007 Announced plants to proceed with the restart of the Climax mine. The initial $500 million project involves the restart of open pit mining and the construction of new state of the art milling facilities. Annual production is expected to approximate 30 million pounds of molybdenum beginning in 2010. The project is designed to enable the consideration of a further large scale expansion. March 31, 2007 A feasibility study is ongoing for reopening the Climax open-pit mine, which has been on care-and-maintenance status since 1995. Assuming a favorable feasibility study and market conditions and timely receipt of permits, the mine could resume operation by the end of 2009. |
