General Moly gets US$665m funding for Mount Hope
- Publishing Date
- 17 Feb 2012 12:10pm GMT
- Author
- Mining Journal
The US-based exploration and development company General Moly Inc said it will receive US$665 million in funding for its Mount Hope molybdenum project, after reaching a loan agreement with the China Development Bank (CDB).
The company said the Sichuan branch of the CDB had confirmed pre-approval terms for the loan, to be drawn down when the Mount Hope project completes permitting later this year.
The CDB will provide US$399 million of the total amount, with the remainder to come from a consortium of Chinese and international banks. General Moly will put company assets and its 80% ownership of the Mount Hope project up as collateral for the 12-year loan.
Both of General Moly’s assets are located in the state of Nevada. Mount Hope is estimated to contain 589,670t in proven and probably molybdenum reserves, while the company’s Liberty project is estimated to hold combined reserves of 317,514t molybdenum and 408,233t copper.
General Moly aims to become the world’s largest primary producer of molybdenum by 2015.
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