Posco to invest $170M in Mount Hope moly project [UPDATE]
Dec 18, 2007 | 06:48 AM
| Meghann McDonell
Steelmaker Posco Ltd., Seoul, South Korea, has agreed to invest $170 million to help bring General Moly Inc.'s $852-million Mount Hope molybdenum mining project in central Nevada into production, General Moly said Tuesday.
General Moly has agreed to form a joint venture company to operate the mine. Posco's contribution will net it 20 percent of the joint venture and entitle it to 20 percent of the molybdenum mined at Mount Hope.
"We see Posco as a fantastic long-term sustainable partner as we finance and develop the world-class 1.3-billion-pound Mount Hope project," Bruce Hansen, General Moly's chief executive officer, said. "This win-win deal, combined with the equity proceeds received and off-take arrangement reached with our other strategic investor, ArcelorMittal SA, dramatically reduces our credit risk and enhances our ability to finance the remainder of the Mount Hope development requirements."....
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