" ... But current slowness has prompted General Moly to postpone development of its own Mount Hope molybdenum mine in Nevada.
About 60 percent of the project's basic engineering was completed last July, but the company is still moving forward with equipment orders for mills and roasters requiring long lead times and expects to complete permitting by mid-2010.
Hansen said Mount Hope will stay, "in a conserving cash mode until the molybdenum price gets into the mid-teens. At those type of prices we generate significant returns."The mine has direct operating costs of $5.23 per lb of molybdenum assuming an oil price of $80 a barrel.
Once Mount Hope starts up, it has capacity to produce an average of 40 million lbs per year in the first 5 years, with proven and probable reserves of 1.3 billion lbs of molybdenum.
He said the company was aiming to start producing by 2012.
General Moly's Liberty mine, also in Nevada, was previously mined and is now in the prefeasibility study stage.
Liberty can produce 20 million lbs of moly and 18 million lbs of copper by-product a year. Its operating costs come to $6.0 per lb of molybdenum, with reserves of 500 million lbs. ... "