Monday "DEADLINE"April 11, 2011
Moly Mines Ltd said China Development Bank (CDB) had doubled itsfinancing for developing the base-minerals explorer's Spinifex Ridgemolybdenum and copper project in Western Australia, sending itsToronto-listed shares up 16 percent.
The company said CDB raised its financing commitment to $465 millionand will give another $35 million in working capital, to match MolyMines majority shareholder Hanlong Mining Investment's $500 millionproposed investment for the project.
On Jan 31, Moly Mines said it had received a commitment letter fromCDB for up to $250 million for its Spinifex Ridge project in the Pilbararegion of Western Australia. [ID:nSGE70U0D9]
A formal commitment letter is expected to be issued by CDB within the next two weeks, Moly Mines said in a statement.