Moly Mines sees $250 million commitment

Moly Mines has received a commitment letter for a US$ 250 million loan for its Spinifex Ridge molybdenum copper project.

Following the miner’s announcement in December that it would be unable to meet a 31 January deadline to finalise a US$ 500 million finance facility for Spinifex, China Development Bank (CDB) supplied Moly with half of the funding needed.

"The commitment letter demonstrates CDB’s support for the project," Moly Mines said in a statement today.

Moly Mines major shareholder Hanlong Mining Investment has also advised the miner it will provide a commitment letter from China Export and Import Bank (EXIM) for the remaining US$ 250 million.

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