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General Moly steps up Mount Hope construction

Keywords: Tags  General Moly, Mount Hope project, molybdenum, Bruce Hansen, Liberty project, molybdenum, Daniel Fitzgerald


NEW YORK — General Moly Inc. is “moving aggressively” on construction of its Mount Hope molybdenum project this spring, it said as it posted full-year and quarterly net losses.

General Moly posted a comprehensive 2012 net loss of $9.9 million, down from a $14.8-million loss a year earlier. For the fourth quarter ended Dec. 31, the Lakewood, Colo., company’s net loss narrowed to $2 million from $2.9 million a year earlier.

“Looking into 2013, we are moving aggressively to conclude our financing and start heavy construction at Mount Hope in the spring. We will also push forward with feasibility work and permitting on Liberty, our second molybdenum project, after Mount Hope has commenced heavy construction,” General Moly chief executive officer Bruce Hansen said in a statement.

The company’s cash balance as of Dec. 31 was $68.3 million, not including restricted cash, compared with $22.4 million as of Sept. 30. During the fourth quarter, cash use of $22 million was the result of $18 million in Mount Hope development, engineering and procurement costs and $4 million in general and administrative expenses.

Heavy construction at Mount Hope will commence, pending confirmation of a previously announced $665-million loan that is being negotiated with China Development Bank ( amm.com, Feb. 19), a General Moly spokesman told AMM. Heavy construction is expected to take 20 to 24 months.

The company “achieved a number of significant milestones in 2012,” Hansen said, pointing to the receipt of federal and state operating permits for the Mount Hope Project ( amm.com, Nov. 26) and the initiation of preliminary construction activities at the site ( amm.com, Jan. 3).Both the Mount Hope and Liberty projects are located in central Nevada.

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