General Moly reports that it finished Q2 2016 with a cash balance of approximately US$12.3 million and US$17.3 million in restricted cash.
The company’s joint venture operating company Eureka Moly LLC, which operates the Mt. Hope rare earth mining project, ended Q2 with a balance of US$14.7 million (100% basis) in a cash reserve account that is expected to fund ongoing projected care and maintenance expenses through 2020.
For Q2 ended June 30, 2016 the company reported a net loss of US$1.9 million, compared to a net loss of US$6.8 million for the prior year period. The decrease in quarterly net loss was primarily due to reduced overall ongoing expenditures in 2016 versus 2015.
This story uses material from General Moly, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.