General Moly reports that it ended Q1 with a cash balance of approximately US$7.1 million as compared to US$8.5 million at year-end 2016.
At the Mt Hope molybdenum mine, the company’s 80% owned joint venture operating company Eureka Moly ended the first quarter of 2017 with a restricted cash balance of US$12.0 million (100% basis) compared to US$13.0 at year end 2016 in a cash reserve account, and remains self-funded through 2021 based on projected care and maintenance expenses.
General Moly reported a net loss for the three months ending March 31, 2017 of $1.9 million, compared to a net loss of US$2.2 million for the same prior year period.
‘We have seen the molybdenum price increase by over 30% year to date to trade at approaching US$9/lb and anticipate an improved molybdenum market going forward as we see the oil market stabilize and energy related steel production increasing,’ said Bruce D Hansen, CEO.
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.