Moly Mines Ltd draw down CDB loan from US$454 million to US$244 million

Under a new agreement, Moly Mines Ltd will draw down its CDB loan from US$454 million to US$244 million, with the remaining provision to be used in the financing of new projects. The company said that the changes do not mean that Hanlong has fulfilled its funding commitments.

Chief executive officer and managing director of Moly Mines Ltd, Dr Derek Fisher, said “While it is disappointing that the economics do not allow us to proceed with the Spinifex Ridge molybdenum/copper mine at this stage, the strategic alliance further cements the excellent rapport we have built with the CDB, and supports a platform for future growth of the company.”