General Moly saving money amid financing hunt
Jun 19, 2013 | 09:44 AM
| Daniel Fitzgerald
NEW YORK General Moly Inc. acknowledged that it encountered "a serious bump in the road" with the termination of a $125-million loan deal, but said it has enough cash on hand to survive until it finds a new financing partner for its Mount Hope molybdenum project.
General Moly has completed preliminary construction at the Nevada mine and will begin heavy construction once it secures full financing for the project. In the meantime, the company is "focused on conserving cash," chief executive officer Bruce Hansen told AMM.
Lakewood, Colo.-based General Moly and Chengdu, China-based Sichuan Hanlong (Group) Co. Ltd. agreed last month to terminate a $125-million loan deal that was intended to supplement a $665-million term loan (amm.com, May 16), not long after negotiations with Hanlong and China Development Bank (CDB) for the $665-million loan were suspended following the reported detention of Hanlong chairman Liu Han (amm.com, March 21).....
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