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UPDATE: Moly Mines Deepens Loss in the Afternoon After Putting Australian Project on Hold; Shares Hit a New Year Low Today

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. In the afternoon, they plummeted almost 12% to $0.295 from the $0.335 closing price on December 23.

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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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