Protests continue as General Moly secures part of Mt. Hope funds

Dec 21, 2010 | 12:07 PM |

General Moly Inc. has secured the first phase of funding from its new Chinese shareholder Sichuan Hanlong (Group) Co. Ltd. amid continued protests to and delays in securing water permits for its Mount Hope molybdenum project in Eureka County, Nev.

The Lakewood, Colo.-based company already holds water permits at the site for agricultural uses, but needs the Nevada state engineer to convert them to mining uses before work at the site can begin. It also has applied for permits to withdraw water at well locations.

The county continues to object to General Moly's water permit application despite the company's efforts to placate the local agricultural industry, leading the company on Tuesday to announce it will halve funding to a trust that had been established over the summer for the project.....

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