The other half after the Chinese New Year !The other half after the Chinese New Year !
31st January 2011
Moly Mines said it received a commitment letter from China Development Bank (CDB) for up to $250-million for its Spinifex Ridge molybdenum/copper project in Western Australia, sending its shares up 10%.
The company, which explores and develops base and precious metals, said the financing will be applied toward half of the planned $466-million facility.
Moly Mines said in a statement its major shareholder Hanlong has advised it that a commitment letter for the other half of the planned facility is expected from the China Export and Import Bank after the Chinese New Year.