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Moly Mines stock rebounds on search for partner

Moly Mines Ltd., seeking to build a $1-billion (U.S.) molybdenum mine in Australia, is in talks with Asian steel mills to sell a stake in the project, after a slump in global equity markets delayed its financing schedule. "We are talking now about bringing an equity partner in," Derek Fisher, chief executive officer of the Perth-based company, said in an interview. The company's stock jumped more than 27 per cent yesterday. Moly has almost halved in value this year on concern it may not be able to fund development of the project. Molybdenum is used to harden steel and as a catalyst in the oil and gas industry. MOL (TSX) rose 50 cents to $2.31.

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