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, silver and cadmium 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 140km 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.
Capital Cost Statements
- The most recent publicly reported capital cost estimate was USD $1.25 billion on January 15, 2014 by the prior owners General Moly.
- The most recent publicly reported capital cost estimate was CAD $818 million on March 14, 2014 by the prior owners Avanti Mining Inc.
New Moly is working to update the capital costs to present dollars scope modifications, current supply-chain disruptions, and inflation.