World-class Molybdenum Assetsin mining-investment friendly Nevada and British Columbia
World-class Molybdenum Assetsin mining-investment friendly Nevada and British Columbia
Who We Are
New Moly LLC is a privately held company that wholly owns the Kitsault Project. (Mo-Ag) in British Columbia, Canada and 80% of the Mt. Hope Project in Nevada, USA. (POSCO, a major Korean steelmaker, holds 20% of Mt. Hope). These are two of the largest, most advanced and permitted molybdenum projects outside of China.
New Moly was created through a business combination between Avanti Kitsault Mines Ltd. and General Moly Inc. which owned the Kitsault and Mt. Hope assets.
New Moly intends to emerge as a leading North American molybdenum company focused on the development of near-term mine production assets with the potential for vertical integration with downstream assets.
Mt. Hope, One of the World’s Largest Moly Deposits
The Mt. Hope Project is one of the largest and highest grade primary molybdenum deposits in the world. The project is owned and operated by Eureka Moly, LLC (EMLLC), of which New Moly has an 80% interest and POS-Minerals Corporation, a subsidiary of the South Korean steel company POSCO, has a 20% interest.
The Mt. Hope Project’s plan of operations covers approximately 36 square miles. Year-round access to the project site is from Route 278. The Mt. Hope Project is in the vicinity of other operating hard rock mines with a large experienced mining workforce.
From as early as 1886, and sporadically until circa 1975, the Mt. Hope area produced zinc as well as by-product lead, copper and silver from small underground mines. In 2005, a predecessor company of New Moly acquired all of the leasehold rights to the property. In 2008, the Company and POSCO formed the 80%-20% joint venture for the development of the Mt. Hope Project.
The Mt. Hope Project has been granted all major permits to move into construction. Major permits include the Record of Decision (RoD) by the Bureau of Land Management (2019 and under appeal), water permits from the Nevada State Engineer (2019), the Nevada Division of Environmental Protection (NDEP) Water Pollution Control Permit (2012), and the NDEP Air Quality Permit (2012). Engineering and procurement is advanced to 65% completion. It remains as one of the few primary molybdenum mines worldwide that could advance into production rapidly once market and finance conditions are favorable.
Kitsault, One of the Largest Moly Deposits in the World
The Kitsault Mine Project is owned by Avanti Kitsault Mine Ltd. (AKML), a wholly-owned subsidiary of New Moly.
The Kitsault Mine is located in northwestern British Columbia within the Regional District of Kitimat-Stikine, approximately 140 km northeast of Prince Rupert and south of the head of Alice Arm, an inlet of the Pacific Ocean.
Under AKML, permits have been well advanced with key provincial and federal permits in place for development of an estimated mine life of 15 years with an ore production rate of 16.2 Mt/year.
News
New Moly Appoint New President/CEO to Lead the Development of Its Molybdenum Asset Portfolio in North America.
Denver, Colorado (Jun 16, 2022) – New Moly LLC ("New Moly" or the "Company"), Resource Capital Fund IV L.P. ("RCF IV") and Resource Capital Fund VI L.P. ("RCF VI"), funds managed by RCF Management L.L.C. ("RCFM" and together with RCF IV and RCF VI, "RCF") today announced their recent appointment of a new President/CEO to lead the development of its molybdenum asset portfolio in North America. Andrew (“Andy”) Caruso has been appointed to the Board of New Moly and will lead a management team...