• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • NORTH AMERICA EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • NORTH AMERICA EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Base Metals Market
    Base Metals News
    Base Metals Stocks
    • Base Metals Market
    • Base Metals News
    • Base Metals Stocks

    American Cumo Signs MOU for Project Financing

    Matthew Spizziri
    Jun. 06, 2016 11:15AM PST
    Base Metals Investing
    TSXV:MLY

    American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF) announced that it and its subsidiary, Idaho CuMo Mining Corporation (Idaho CuMo), have signed a non-binding Memorandum of Understanding (MOU) with Ping Shan Resource Holdings Ltd., a subsidiary of a Hong Kong publicly-traded commodities group, and MCC8 Group Company Limited, a China-based leader in Engineering, Procurement and Construction and management for non-ferrous metallurgical industry projects, with respect to funding the development of CuMoCo’s CuMo Project, a molybdenum-copper-silver deposit located in Idaho, USA.

    American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF) announce that it and its subsidiary, Idaho CuMo Mining Corporation, have signed a non-binding Memorandum of Understanding with Ping Shan Resource Holdings Ltd., a subsidiary of a leading Hong Kong based commodities group, and MCC8 Group Company Limited, a China-based leader in Engineering, Procurement and Construction (EPC) and management for non-ferrous metallurgical industry projects, with respect to the development of CuMoCo’s CuMo Project, a molybdenum-copper-silver deposit located in Idaho, USA.
    As quoted in the press release:

    The parties entered the MOU to formalize their understanding and intentions with respect to the development of the CuMo Project. Specifically, the Chinese Partners are to arrange a minimum of US$700 million in project financing for the development and construction of the CuMo Project in order to receive an 80 percent of net proceeds interest in the joint venture to be formed between Idaho CuMo and the Chinese Partners in respect of the CuMo Project (Joint Venture). Subsequent funding of the Joint Venture is to be provided on a pro rata basis. At the appropriate time, Idaho CuMo intends to seek mining equipment equity loans to cover their 20 percent of the contributions to the Joint Venture.
    The parties are to negotiate a binding, definitive project financing agreement (Definitive Agreement). The terms of the Definitive Agreement would be subject to various regulatory, government, Board of Director and shareholder approvals. The terms of the MOU provide that once Idaho CuMo has obtained US$25 million in new capital (Initial Funding), the Chinese Partners would be granted exclusivity for one year to perform due diligence, obtain all required approvals and secure funding to complete the proposed transaction (Exclusivity Period).

    American Cumo President and CEO, Shaun Dykes, stated:

    We are extremely pleased to see that our CuMo Project has been met with genuine interest from one of Asia’s largest and most prestigious companies in the non-ferrous metallurgical industry, and a company that has a declared focus on modern environmental solutions. MCC8 not only has an impressive financial background, the company has also demonstrated its outstanding capability for sustainable green solutions in its many recent projects. CuMoCo looks forward to the CuMo Project being developed to the benefit of its many stakeholders, including Boise County and the State of Idaho.”

    Connect with American CuMo Mining Corporation (TSXV:MLY,OTCPINK:MLYCF) to receive an Investor Presentation.
     

    tsxv:mlyamericn cumo mining corpchinajoint venture
    The Conversation (0)

    Go Deeper

    AI Powered
    A person's hand holds a piece of copper metal ore above a blurry copper-colored background.

    What's the Next US Copper Mine? 27 Copper Projects to Watch

    Recyclico Battery Materials (TSXV:AMY)

    RecycLiCo’s U.S. Subsidiary and Alaska Energy Metals Corporation Enter Memorandum of Understanding to Advance Goal of Creating Domestic Critical Metal Supply Chain

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES