Taranis Resources signs LOI to acquire FortyTwo Metals
2020-11-11 14:22:33 [Print]
U.S.-based Taranis Resources Inc. recently announced that it has entered into an exclusive letter of intent ("LOI") with Cameo Industries Corp. to acquire all of the issued and outstanding shares of FortyTwo Metals Inc., a private British Columbia mineral exploration company which holds certain mineral property interests in British Columbia, including the MAX Mill & Molybdenum Project.
The MAX Mill & Molybdenum Project covers more than 5,200 hectares near the community of Trout Lake in southeastern B.C., and includes the MAX Mill, and the underground workings of the MAX molybdenum mine.
FortyTwo Metals Inc. began mine development work and began commercial production in 2008. The molybdenum mine production was suspended in September 2010 due to low molybdenum prices and was put into 'care and maintenance' in late 2011. The main components of the Max Project are the Max Mill rated at 1,000tpd, the permitted Max tailings storage facility and the Max Molybdenum deposit.
The MAX Mill & Molybdenum Project covers more than 5,200 hectares near the community of Trout Lake in southeastern B.C., and includes the MAX Mill, and the underground workings of the MAX molybdenum mine.
FortyTwo Metals Inc. began mine development work and began commercial production in 2008. The molybdenum mine production was suspended in September 2010 due to low molybdenum prices and was put into 'care and maintenance' in late 2011. The main components of the Max Project are the Max Mill rated at 1,000tpd, the permitted Max tailings storage facility and the Max Molybdenum deposit.
Molybdenum Conc. 45%min EXW China
Unit:RMB/mtu
China molybdenum concentrate producers' suspension number statistics by province by month
Unit: pcs
