Toronto, Ontario-based iron ore mining company Moly Mines Limited announced Thursday that 54,000 metric tons (mt) of iron ore from the Spinifex Ridge Iron Ore Project has been shipped from Utah Point in Port Hedland, Australia.
The value of the iron ore cargo shipped totals approximately US$7.9 million at today's iron ore prices. The ore has been sold to Hanlong Metal Ltd. pursuant to the iron ore sales agreement that was approved by shareholders at the company's November 2010 Annual General Meeting.
Payback of the initial capital and development cost of the mine is expected to be rapid provided current market prices for iron ore are maintained.
Shipment sizes are expected to increase as the mine production rate continues to ramp-up and the mine settles into a standard production regime.