Moly Mines completes third iron ore shipment from Spinifex Ridge

Toronto, Ontario-based Moly Mines Limited has made its third shipment of iron ore fines from the Spinifex Ridge iron ore project, Western Australia, via Port Hedland destined for China.  
 
The vessel in question is carrying 70,202 wet metric tons of iron ore grading approximately 60 percent iron. Final pricing is expected to be in the range of $160-170/mt CFR China.
 
"Shipments for the March 2011 quarter have met forecasts. Ramp-up of the mine is now considered complete and production is now at a steady rate," Moly Mines said in its statement, adding that monthly shipments are scheduled for the remainder of the calendar year with a total of 820,000 mt targeted.
 
Moly Mines expects the Spinifex Ridge mine production rate to reach one million mt per annum early in the second quarter.