Moly Mines says resource increase to extend Spinifex life

Canada- and Australia-listed Moly Mines on Monday reported a 27% indicated mineral resource increase at its Spinifex Ridge iron-ore mine, in Australia. The company, which recorded an increase from 3.56-million tons with 58.8% iron content, to 4.45-million tons with 60% iron content, was now embarking on optimisation studies based on the new resources indications. A revised ore reserve estimate and mine plan were expected to be complete by July.

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