By Rob Delaney
Bloomberg News Service
November 16, 2007
(Excerpted from a longer article)
Adex Mining Inc., the metals explorer that listed on Toronto's TSX Venture Exchange in July, plans to develop an abandoned BHP Billiton Ltd. mine in Canada as prices for tin, molybdenum and metals used in consumer electronics gain.
The Mount Pleasant mine in southwestern New Brunswick may hold more than $3 billion of tin, molybdenum, indium and tungsten, Adex Chief Executive Officer Kabir Ahmed said in an interview yesterday. Adex has raised C$12 million ($12.3 million) in equity financing for Mount Pleasant, he said.
Demand for tungsten, indium and tin, all of which are used in computers and consumer electronics, has increased as global economic growth gives more people disposable income. Molybdenum helps oil exploration and extraction equipment tolerate high temperatures.
"There is long-term, cyclical demand for all of the metals hosted at Mount Pleasant,'' Ahmed said. "There will be other projects, but we have a past-producing mine and we're closer to production than some of our competitors that are purely exploratory in nature.''
Molybdenum's price has risen to $33.38 a pound from $2.83 a pound in November 2002, according to Metal Bulletin. Tungsten has gained to $165 a metric ton from $38.50 a ton, and indium is trading at $685 a kilogram, up from $110 a kilogram.
Tin futures for delivery in three months on the London Metal Exchange reached the highest price in more than 18 years on Nov. 14.
Bloomberg News Service
November 16, 2007
(Excerpted from a longer article)
Adex Mining Inc., the metals explorer that listed on Toronto's TSX Venture Exchange in July, plans to develop an abandoned BHP Billiton Ltd. mine in Canada as prices for tin, molybdenum and metals used in consumer electronics gain.
The Mount Pleasant mine in southwestern New Brunswick may hold more than $3 billion of tin, molybdenum, indium and tungsten, Adex Chief Executive Officer Kabir Ahmed said in an interview yesterday. Adex has raised C$12 million ($12.3 million) in equity financing for Mount Pleasant, he said.
Demand for tungsten, indium and tin, all of which are used in computers and consumer electronics, has increased as global economic growth gives more people disposable income. Molybdenum helps oil exploration and extraction equipment tolerate high temperatures.
"There is long-term, cyclical demand for all of the metals hosted at Mount Pleasant,'' Ahmed said. "There will be other projects, but we have a past-producing mine and we're closer to production than some of our competitors that are purely exploratory in nature.''
Molybdenum's price has risen to $33.38 a pound from $2.83 a pound in November 2002, according to Metal Bulletin. Tungsten has gained to $165 a metric ton from $38.50 a ton, and indium is trading at $685 a kilogram, up from $110 a kilogram.
Tin futures for delivery in three months on the London Metal Exchange reached the highest price in more than 18 years on Nov. 14.