General Moly pledges not to cancel Mt. Hope project
Nov 25, 2008 | 09:59 AM
| Mick Bowen
General Moly Inc., Lakewood, Colo., will not cancel its Mt. Hope molybdenum project in Nevada, although restrictions on financing could cause delays.
"There is no risk this project will be shelved, but if credit is not available or if it's just too expensive, we could maybe defer plans," investor relations director Seth Foreman told AMM.
General Moly ended the third quarter with $121 million in cash, but is currently looking for interim financing to move forward with the project in the first quarter before getting full project financing in the second half of next year, Foreman said. At the current pace, production at Mt. Hope will start in late 2009, he added.
However, FBR Research analyst Amir Arif lowered his target price for General Moly stock to $2 per share from $7 "to reflect the increased risk of (the Mt. Hope) project being shelved, or at least delayed significantly relative to current company projections." ....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.