For those of you who don't have access to the site, here is the article, interesting how they say planned production in the third quarter of 2010.
Monday 8 September 2008
TTM backs oil thirst to drive molybdenum demand
SÃO PAULO (Metal-Pages) 08-Sep-08. Canadian mining company TTM Resources aims to cash in on demand for oil industry pipelines, when its Chu molybdenum site in British Columbia begins producing in 2010.
With talk of molybdenum staying above $ 30/lb for the foreseeable future, its use as an anti-corrosion agent in the making of steel pipes, high oil prices and the number of oil projects expected to come online in north western areas of North America, TTM bosses say they are feeling pretty confident about the future.
“With potential pipelines that are going to have to go in, we feel there could be pretty strong demand from the steel industry just for pipeline pipe,” Warren Robb, TTM’s CEO & vice president of exploration said.
Should the results of feasiblity tests match TTM's forcecasts at the Chu site, the company expects to start producing 23 million lbs (10,454 metric tonnes) of molybdenum from the third quarter of 2010.
Robb said there was some chatter about producing at much higher levels, but executives at the company will take a closer look at the numbers when they have a clearer idea of actual resources.
An initial scoping study at the site, which already has an existing mine, pointed to resources of 700 million lbs of molybdenum.
TTM has spoken informally with Thompson Creek about roasting molybdenum concentrates at its Endako mine 75 miles away, but among options being considered, product could also be shipped to Europe or even China for conversion into ferro-molybdenum, once its starts coming out of the ground.
The Chu site is situated around a 100 kilometres (62 miles) from the nearest major railway track, another 500 kilometres (310 miles) to nearest port and with a Rio Tinto-Alcan reservoir located 100 kilometres to the north, Robb said there also is the potential to cut a power generation deal.
Outlining the case for further molybdenum mining in the area, Robb pointed to a large pine beetle epidemic, which has devastated the forestry industry and given authorities fresh impetus to boost the region’s economy.
Survey work is expected to continue at TTM’s other Terrace property, Deeker Creek and Molygold projects in British Columbia though Robb said the company won’t hang around if drilling tests results don’t look promising:
“With success we stay, but with non-success, we will really take a hard look at whether we want to be expanding or looking at different opportunities.”
http://www.metal-pages.com/news/stor...
Thanks AL
