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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (55138)	3/26/2010 9:17:03 AM
From: LoneClone	Read Replies (1) of 192333

New LME molybdenum and cobalt contracts excel in first month proactiveinvestors.com.au More than $36million of cobalt and molybdenum has been traded in the first month since new futures were launched for these minor metals by the London Metal Exchange (LME) on 22nd February, 2010. Key data points regarding the contracts follow: Total cobalt volume traded: 436 lots / 436 tonnes (1 lot = 1 tonne) Total value traded: $17,962,600 Total moly volume traded: 77 lots / 462 tonnes (1 lot = 6 tonnes) Total value traded: $18,046,200 In total, 13 cobalt and molybdenum producers internationally have registered brands with the LME, including most recently, Russia's Norilsk. Consumers have also communicated intentions to use the LME's minor metals prices as contract reference prices. Brazil's Votorantim and China's Jiangsu cobalt contracts with LN Metals are both being referenced against the LME contract. Others are expected to follow. Chris Evans, Head of Business Development at the LME commented, "This is a promising start for both these metals and we're confident these contracts have value for the industries they serve."

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