Released April , 2008 Molybdenum Prices to Stay in Demand Worldwide; Major Producer Says
SPARKS, Nev., April 10 /PRNewswire-FirstCall/ -- Golden Phoenix Minerals, Inc. (OTC:GPXM) (BULLETIN BOARD: GPXM) reported today that Asia's top producer of molybdenum has said that worldwide prices will remain high due to strong demand around the globe.
Jinduicheng Molybdenum Group Co. executives told Reuters news service that another reason prices will stay high ($33 a lb.) is because output will not increase greatly in the next three years.
"This Shanghai company, which produces seven percent of the world's molybdenum, the silver-white metal used to toughen alloy steel, is proving to us that we're in the right sector at the perfect time," said Robert P. Martin President. "Moly is currently trading on the London Metals Exchange at ten times the price of the year 2000."
Ashdown Project LLC mined 749,852 pounds of concentrates in 2007 and shipped these at an average sale price of $30.30 per pound of contained Mo SC.
***Be Cool - Be Calm - Be Casual - Be Careful Out There!***
