US-based molybdenum mining company General Moly Inc has reported net loss for the three months ended 31 March 2015 of US$3.8 million, compared to a loss of US$2.4 million for the samer period in 2014.
Excluding restricted cash, the company's cash balance on 31 March, 2015 was approximately US$16 million compared to US$13 million on 31 December, 2014.
In January 2015, the company and POS-Minerals Corporation, as members of Eureka Moly, LLC (EMLLC), announced an agreement that provided access to a US$36 million reserve account while in April 2015, General Moly announced an investment and security purchase agreement with AMER International Group, a private, Chinese-based multinational company to create a strategic partnership and equity investment to assist with General Moly's ability to secure full project financing for the Mt. Hope molybdenum project.
‘The recently announced partnership with AMER is a significant step forward for General Moly's goal of becoming the largest pure play primary molybdenum producer in the world,’ said Bruce D. Hansen, CEO. ‘AMER, which is seeking to build out a full-value chain in mining and downstream mineral processing as well as increase its international footprint, is an enthusiastic and committed partner who will become a major shareholder of General Moly.’
This story is reprinted from material from General Moly, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.