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General Moly development of Mount Hope project OK’d

Keywords: Tags  General Moly, Mount Hope, molydenum, Bruce Hansen, Bureau of Land Management, Thorsten Schier

NEW YORK — The U.S. Bureau of Land Management has issued a record of decision authorizing development of General Moly Inc.’s Mount Hope molybdenum project.

"This is the culmination of six years of hard work and dedicated effort from our team and the (Bureau of Land Management), with significant input from all the cooperating and commenting agencies and the general public," General Moly chief executive officer Bruce Hansen said in a statement.

Following the Nevada Division of Environmental Protection’s "relatively expeditious" issuance of the project’s water pollution control permit and reclamation permit, the Lakewood, Colo.-based company will initiate financing and construction of the 40-million-pound-per-year mine, General Moly said.

The company could offer no estimate on when outstanding permits would be received, as "they are completely in control (of) the agency, who will eventually issue them," a company spokesman told AMM.

Permitting for the project, which was put on hold in 2009 due to low molybdenum prices and tightening lending standards, was initially expected to be completed as early as year-end (, March 27, 2009).

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