Moly Mines Ltd. announced on Sunday that it received a commitment letter from the China Development Bank for US$250 million to be used for the development of a molybdenum/copper mine.
CEO of Moly Mines, Dr. Derek Fisher, referred to the financing as ". . . a significant step forward in the financing cycle for the Spinifex Ridge Molybdenum/Copper Project." The financing will meet half of the project's estimated $466 million cost.
According to Moly Mines, the other half of the financing is expected to be received from China Export and Import Bank (EXIM) after the Chinese New Year.
Moly Mines was up seven percent on the TSX hitting $1.22 a share.