General Moly: Cooperation with EXIM Bank of China
General Moly announced that the Company has been informed by Sichuan Hanlong Group that Hanlong has signed a memo of cooperation over the past weekend with the Export-Import Bank of China, Chengdu branch.
The agreement is focused on CEXIM providing up to USD 1.5 billion in loans to Hanlong to support its investment in overseas mining opportunities.
Under the previously announced transaction between Hanlong and General Moly, Hanlong will provide a total of USD 745 million in financing to General Moly including a USD 665 million bank loan Hanlong will source and guarantee. In addition, Hanlong will purchase a 25% fully diluted interest in the Company for USD 80 million in two equal tranches.
The first $40 million will be invested for a 12.5% interest in General Moly on December 20th 2010 while the second USD 40 million will be invested when the Company receives permits for its Mt. Hope project and when the bank loan becomes available. The transaction with Hanlong is expected to provide all remaining capital necessary to place the Mt.
Hope project into production.
If you need any more details of the above news and/or products, please visit Chinatungsten Online, or contact us directly.
Disclaimer: The article is only reflecting the opinions of the author. We have no responsibility to prove the originality and authenticity of the content, words and/or pictures. You readers should just take it as reference and check the details by yourselves. And the content is not a suggestion for investment decision. The investor takes his or her own risks if he or she operates accordingly. If you have any dissent about the contents above, please contact the relevant author, or the webmaster. We will try our best to assist the dealing of the related issues. Thanks for your visit and cooperation.
