ThyssenKrupp führt Übernahme-Gespräche mit Moly Mines.
Auch ein Einstieg als strategischer Investor, meiner Meinung nach wahrscheinlicher,
würde dem World-Class-Project sicherlich einen ordentlichen Schub verleihen und
die Finanzierung des Projektes sicherstellen.
Der Chart sieht gut aus; der Wert ist überverkauft. Ein Einstieg könnte sich lohnen.
Zudem wird die Zwischenfinanzierung in Kürze bekannt gegeben werden.
UPSIDE-Potential!!!
Moly confirms finance deal
18th September 2008, 10:45 WST
Molybdenum hopeful Moly Mines has confirmed that its $US150 million interim financing facility remained on track, while its shares fell further in a challenging day on the Australian Securities Exchange.
In an announcement, Moly said it expected to be in a position to draw down the funds – equal to about $188.6 million – in October, with confirmatory due diligence now underway.
Shares in the company were 11.5¢ lower, down 7 per cent to $1.54 at 10.45am.
Nervous investors trimmed a further $7 million off the company’s value yesterday as the deadline to finalise the interim financing needed to keep its $1.1 billion Spinifex Ridge ambitions alive loomed large.
Shares in the group slipped a further 9¢ to $1.66 yesterday, with its 23.5 per cent share price decline over the past month considered a clear sign that investors are concerned.
The group’s 57 per cent share price fall since the stock peaked at $3.88 on May 21epitomises the problems faced by a number of mid-tier mining companies — despite an attractive project that ticks all the right boxes, the market is sceptical about its chances of raising funding.
In Moly’s case, its Spinifex Ridge project is potentially world-class, with reserves of 450.8 million tonnes grading 0.05 per cent molybdenum, 0.08 per cent copper and 1.3 grams per tonne of silver against a backdrop of strong world demand for molybdenum and high prices.
Environmental approvals have been received and the group has locked in an off-take agreement with ThyssenKrupp. The only sticking point is the $1.1 billion it needs to bring the operation into production.
The company initially hoped to have the financing in place by March but has bowed to market conditions with a series of delays, last month announcing the $US150 million interim financing agreement with due diligence to be completed by mid- September — a deadline which passed with little public comment.
And although it has long hoped to fund the mine through two-thirds equity and one-third debt, there is mounting speculation in the market it will have to look at other options. The most likely is that Moly will have to consider selling a major stake in the project to strategic investors.
The company is also hoping to use recently discovered iron ore assets at Spinifex Ridge as a potential money spinner, having effectively hung out the for-sale sign after better-than-expected drilling results unearthed a potential iron ore resource.
But with investor sentiment swinging against the resources sector amid mounting concerns China’s economy may take a bigger-than-expected hit from a global downturn, the company’s immediate problem will be convincing nervous investors it will come up with a solution that will allow it to hit its 2009 production target.
PERTH
ANDREW HOBBS AND KATE EMERY