Mt. Hope Project Engineering and Equipment Procurement
Engineering remains approximately 65% complete at the Mt. Hope Project. Currently, there is no ongoing engineering and procurement effort. The Company anticipates it will re-initiate its engineering and procurement programs once market conditions allow for full Mt. Hope Project financing.
Through December 31, 2016, $87.2 million in payments on equipment orders have been funded by EMLLC, which has now ordered or purchased most of the long-lead milling equipment, haul trucks, and mine production drills, and has maintained an ongoing letter of intent preserving deposits and indexed pricing for the purchase of two electric shovels.
Based on its current forecast, the Company does not anticipate taking delivery of the haul trucks, drills, and electric shovels in 2017 and continues to work with the respective vendors to extend these agreements until the Company obtains financing for construction of the Mt. Hope Project.