OTCPK:GMOLQ - Post by User
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DartStockon Aug 30, 2009 5:16pm
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Post# 16262590
Mount Hope & Tonoph Development
Mount Hope & Tonoph DevelopmentGeneral Moly Inc. is raising capital and apply for permits to develop a mine to produce molybdenum at Mount Hope, 22 miles northwest of Eureka, Nevada, and it's studying develoment of a a molybdenum mine on its Liberty property 22 miles northwest of Tonoph, Nevada.
Once those two projects are in production, the company expects to be the world's largest primary moly producer. General Moly owns 80 percent of the Mount Hope project through a joint venture with Korean-based steelmaker Posco, and 100 percent of the Liberty project.
Mining buffs say that the company is three years into a seven-year permitting process to develop Mount Hope. Once that project is in production,it will focus on the Liberty property. So far the company has raised about $250 million of the $1 billion it will take to build Mount Hope with a targeted production start in 2012.