Agoracom: Small Cap Investment - Moly Mines - Moly Mines gets $494 mln loan for Australia molybdenum project

Welcome To The MolyMInes HUB On AGORACOM

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

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Moly Mines gets $494 mln loan for Australia molybdenum project

posted on Jun 28, 2011 09:49AM

June 28 (Reuters) - Moly Mines Ltd said it got loans totalling $494 million from China Development Bank Corp(CDB) for the construction of its Spinifex Ridge molybdenum and copper project in Western Australia.

The miner said the loans will include a $454 million syndicated loan. CDB will also provide the company with a $40 million working capital loan.

Moly Mines majority shareholder Hanlong Mining Investment will also provide a $6 million loan over the coming months as part of the $500 million commitment it had made earlier to the miner.

The price of molybdenum, used to harden steel, has risen steadily over the last few months, and could hit $18 a pound by the end of the year, according to commodity analysts.

The company began commercial production at its Spinifex Ridge project in November and has a production target of 1 million tonnes a year in the second quarter of 2011.

The Toronto-listed shares of the company were down 1 Canadian cent at 79 Canadian cents in Tuesday morning trade. (Reporting by Maneesha Tiwari in Bangalore; Editing by Viraj Nair)

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