Moly Mines Limited (ASX,TSX:MOL) managed to pass all the resolutions it had planned for at its Annual General Meeting (AGM) with the required majority.
The AGM was held in Perth on November 24, 2010. The resolutions included the adoption of the remuneration report, the approval of the issue of options to Hanlong Mining Investment Private Limited and the approval of iron ore sales agreement with Hanlong Metals Limited.
Along with these resolutions there was also the successful re-election of Mr Nixon, and the election of Mr Xiao, Mr Liu Han, Mr Zhmurovsky, Mr Prosser and Mr Braham. All resolutions were passed by a show of hands.
Moly Mines is a development stage resource company focused on its world class Spinifex Ridge Molybdenum project, 170km east of Port Hedland, Western Australia.
The Spinifex Ridge Molybdenum project is ready for immediate construction pending the completion of financing. All environmental approvals have been received and over A$120 million of long lead items of plant have been constructed and delivered to Perth. A smaller 10 million tonne per annum start up mining and processing operation will be implemented for the initial development that will produce on average 11 million lbs of molybdenum in concentrate and 13.5 million lbs of copper in concentrate per annum for the first 10 years.
The Company also has an Iron Ore project expected to be in production as early as 4th quarter 2010 at an annual production rate of 800,000-1 million tonnes per annum from deposits located on the same tenements as the Spinifex Ridge Molybdenum Project.