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.,
companys 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 companys 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
. Heavy construction is expected to take 20 to 24
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.