Moly Mines welcomes Chinese partner Hanlong

摘要

After a tumultuous year, Moly Mines (MOL-T, MYMNF-O) is back on track, primed to develop both its iron ore and molybdenum projects in Australia with a major investment and financing commitment from a new Chinese partner. Hanlong Mining Investment, a subsidiary of the privately owned Sichuan Hanlong Group, is providing Moly Mines with 200 million US dollars in equity and debt financing, to pay off the company's outstanding loans and get the Spinifex Ridge iron ore project up and running. Hanlong is also taking on the responsibility of arranging 500 million US dollars in debt financing to develop the Spinifex Ridge molybdenum project.