Moly Mines Spinifex Ridge Molybdenum Project Financing Update

- December 29th, 2010

Moly Mines Limited (TSX:MOL,ASX:MOL) updates on progress toward the completion of the US$500M financing facility for the Spinifex Ridge Molybdenum Project.

Moly Mines Limited (TSX:MOL,ASX:MOL) updates on progress toward the completion of the US$500M financing facility for the Spinifex Ridge Molybdenum Project.

The press release is quoted as saying:

The Term Sheet between Moly Mines, China Export and Import Bank and China Development Bank (the latter two banks referred to as “the banking syndicate”) is now substantially complete. The Term Sheet describes the terms and conditions, and conditions precedent, to the drawdown of the US$466 million bank loans that have been approved by the National Development and Reform Commission. Moly Mines acknowledge the significant contribution from Hanlong Mining Investment Pty Ltd (“Hanlong”) for the progress and milestones achieved to date.

Click here to access the entire press release

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