3 weeks and counting............April 11, 2011
Moly Mines Ltd saidChina Development Bank (CDB) had doubled itsfinancing for developing thebase-minerals explorer's Spinifex Ridgemolybdenum and copper project inWestern Australia, sending itsToronto-listed shares up 16 percent.
Thecompany said CDB raised its financing commitment to $465 millionandwill give another $35 million in working capital, to match MolyMinesmajority shareholder Hanlong Mining Investment's $500 millionproposedinvestment for the project.
On Jan 31, Moly Mines said it hadreceived a commitment letter fromCDB for up to $250 million for itsSpinifex 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.