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NewswireTODAY - /newswire/ -
Sarasota, FL, United States, 2007/03/27 - Blue Pearl executive chairman Ian McDonald discusses molybdenum supply problems in keeping up with global demand and his company’s role in keeping up with this demand.
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In a response to questioning about where new molybdenum supply would come to meet strong demand for the metal, Blue Pearl Mining executive chairman Ian McDonald told StockInterview.com during a tape-recorded telephone interview, “That, of course, is the big question. There’s a dearth of new projects in the pipeline.” In 2006, global moly demand jumped by 50 percent above its historical four-percent growth average, while China’s demand shot up by 20 percent.
McDonald cautiously ruled out Chinese molybdenum production, saying, “China is desirous of having some world-class companies, and they’ve shut down some of the smaller operations because they don’t use their power efficiently.” Still, China is on the back of his mind as found with many in the primary molybdenum mining business.
He also ruled out most of the moly juniors in North America as competition for his company, telling StockInterview, “There’s a tremendous barrier to entry for a new primary molybdenum mine to come onstream with no forward market. Financing requirements for the capital to build one of these new mined could be very, very challenging.” While McDonald believes one of the other big molybdenum mines will get financed, he cautioned, “I think that once one does, it doesn’t mean they are all going to.”
McDonald also told StockInterview his company plans to begin trading in the United States this year, saying, “We qualify for the New York Stock Exchange. We’ve talked to them. I think we will get the ball rolling this spring, and we could look for an early fall consummation. We are going to come to the U.S., we qualify and they seem pretty keen on having us.” He also told StockInterview that his company was not going to rest on its laurels.
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