Posted in | Copper | Molybdenum

Moly Mines Secures Funds for Expansion via Hanlong

Moly Mines have secured finances for developing the Spinfex Ridge molybdenum copper mine. Hanlong Mining, the majority shareholder in the project, has managed to obtain a $500 million financing facility from the China Development Bank for the project located in Western Australia.

The base and precious metals exploring company had managed to get the Chinese bank to agree to increase its original loan of $250 million to $465 million. It also made $35 million available to meet Hanlong Mining’s $500 million commitment to Moly Mines. Shares in the company rose after the announcement was made public.

The mine has booked a net loss of $130.4 million the first half of the 2011 financial year. Derek Fisher the managing director of Moly Mines said that the financing approval spelt a change in the fortunes of the company and its shareholders. He said that having survived the hiatus of the GFC and the disappointments of 2008, we are now back on-track to building the world's next large scale molybdenum/copper mine.

The focus of the company is currently on completing the loan documentation process by the end of June this year. The agreement is conditional to the finalization of a base case financial model that supports the debt facilities and finalizing all major building and operating contracts for the mine.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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