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General Moly cuts costs, seeks financing

Keywords: Tags  General Moly, Bruce Hansen, molybdenum, Mount Hope project, salary reductions, Sichuan Hanlong, China Development Bank, Thorsten Schier


NEW YORK — General Moly Inc. is cutting spending as it looks to conserve cash while searching for a new financing partner for its Mount Hope molybdenum project in Nevada.

"Our carefully crafted program maintains liquidity by reducing engineering, administrative and procurement expenses, trimming our expenditures from $2 million to $3 million per month to less than $1.5 million per month," chief executive officer Bruce Hansen said in a statement.

The plan includes 25-percent reductions in base cash compensation for Hansen and members of the company’s board and 10- to 20-percent salary reductions for other senior employees.

Meanwhile, the Lakewood, Colo.-based company is still on the hunt for a financing partner for the project after loan deals with Sichuan Hanlong (Group) Co. Ltd. and China Development Bank fell through due to the arrest of a Hanlong executive (amm.com, May 16).


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