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PrintUS molybdenum producer General Moly received information that the Sichuan Hanlong Group will invest in it after receiving formal approval from the Chinese National Development and Reform Commission's (NDRC), it disclosed on Friday.
Hanlong is said to be investing in the company as a part of an overall structure to fully fund its 80% owned share of the Mt Hope project.
After the completion and publication of the Mt Hope project's Draft Environmental Impact Statement (DEIS), General Moly will close the initial 12.5% fully-diluted share sale to Hanlong for USD40m, both expected before the year end.
These funds will allow the company to resume engineering and procurement and the DEIS publication in the US Federal Register will begin the public review period, the last stages of federal permitting.
Hanlong's interest in General Moly will go up to 25% on a fully-diluted basis pursuant to a signed agreement, through another USD40m equity investment after the company receives its Record of Decision (ROD) and Hanlong's delivery of a USD665m Hanlong-guaranteed loan from a Chinese bank.
At present, General Moly expects the ROD receipt and the available loan and construction initiation within three months of permit receipt or by mid-2011. The company began discussions with many Chinese banks such as the Import Export Bank of China.
Additionally, as per the company's water update, the Nevada State Engineer's office will hear, from 6th to 10th December, the review of the company's water applications and the company expects the state Engineer's office to issue its ruling about three months after the hearings conclude.
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