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Moly Mines Puts Australian Project on Hold; Shares Hit a New Year Low

Moly Mines Limited (MOL.TO) today announced that it has put its Spinifex Ridge molybdenum-copper project on hold due to low molybdenum prices and the effect of a high Australian dollar, according to The Globe and Mail report.

The Globe said the Toronto-based company signed an agreement with financier China Development Bank that would help revise the structure of loans it has with the Chinese bank for the financing of new mining projects.

MOL shares have hit a new year low of 27 cents today. At midday, they were down by almost 11% to 30 cents from the $0.335 December 23 close. More than 396.1 thousand shares have already changed hands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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