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Canadian, Chinese companies sign deal on proposed Idaho mine

(Associated Press)
Updated: 2016-06-12 16:03
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    A Canadian mining company has reached an agreement with a Chinese firm that will bring $700 million in financing for a possible open-pit molybdenum mine near Boise, Idaho.

    Vancouver, British Columbia-based American CuMo Mining Corp. said it reached the deal with Hong Kong-based MCC8 Group Co. Limited.

    American CuMo said it marks a major step in paying for a feasibility study and will keep local control of the project with its subsidiary, Boise-based Idaho CuMo Mining Corp.

    The area northeast of Boise contains the largest unmined deposit of molybdenum in the world, the company said.

    Estimates run from at least 2 billion tons to as much as 4 billion tons of molybdenum, copper and silver worth up to $60 billion at current prices.

    Estimates put the deposits at 65 percent molybdenum, 32 percent copper and 3 percent silver, Shaun Dykes, American CuMo's president and chief executive officer, said Thursday.

 

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