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Idaho General Mines Inc. rose after a study showed the molybdenum miner’s Nevada deposit contains 1.31 billion pounds of the copper byproduct.
Lakewood, Colorado-based Idaho General gained 85 cents, or 14 percent, to $6.77 at 10:52 a.m. in New York Stock Exchange composite trading. The shares have more than doubled this year.
The Nevada mine will produce 38.3 million pounds of molybdenum in the first five years of its 44-year life, helping the company recoup capital spending on the project within two years, Idaho General said today in a statement.
