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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 relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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