Avanti Mining Inc. (CVE:AVT) is an exploration and development company with one primary project in British Columbia. This project, the Kitsault Molybdenum Project, has been mined by Kennecott and Amax in the past. It was shut down in 1982 due to molybdenum price drop to $2/lb resulting from the copper miners starting to produce molybdenum as a bi product and creating a huge surplus on the supply side, which took a long time for the demand side to grow and fully absorb in the early 2000's. The Company itself has also undertaken a confirmatory drilling programs on the project since 2008. As of January 2011, the Kitsault project became a joint redevelopment venture with SeAH Holdings Corp. Avanti has entered into a letter of intent with SeAH Holdings for the potential acquisition of up to 30% interest in the Kitsault property. Avanti has also entered into a second LOI with a significant Asian steel producer for the potential acquisition of up to 10% of the Kitsault mine and up to an additional 20% in production. Avanti closed a $15M private placement at the end of 2010.
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