General Moly (NYSE:GMO, TSX: GMO), announced that they have received permission to construct a power line that will support their Mt. Hope Project.
As quoted in the press release:
At full production the Mt. Hope mine will have a total electrical demand load of approximately 75 megawatts. Transmission capacity was secured in 2008 with a cash deposit of approximately $13 million. The Company is currently negotiating for generating capacity, which will be available once the power line is constructed and energized.
General Moly’s COO, Bob Pennington, said:
This permit allows us to build the transmission infrastructure in a timely manner and provide the necessary capacity to power everything from the electric shovels we will begin to use during pre-stripping operations to the 60,000 ton per day mill which will start up when Mt. Hope begins production.