, ticker symbol GMO
, is a mining company with two large properties in Nevada. They are primarily involved with mining molybdenum which is used in making high quality steel. Their main current project is Mt. Hope, and it is literally a mountain of molybdenum.
It is possible that the company's July 2013 price of around $2 per share could double or triple in the next few years after they get production going. Be advised that mining companies always have a long lead time before production due to permits they need to obtain and basic infrastructure that is necessary such as roads and electrical power. Consult with your financial adviser before buying any mining companies.
Competitors of General Moly are Thompson Creek Metals (TC
), and Freeport-McMoran (FCX)
. They all have substantial amounts of molybdenum. If the world continues its economical recovery, we should have a growing demand for molybdenum as new supplies come online.