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 companys 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).