Moly Mines Project Funding.
Moly Mines Ltd have been approved by the Chinese government department for the banks to give $466 million as funding for a new mine project known as Spinifex Ridge.
The terms and conditions of this funding loan are to be released later this month.
“NDRC approval is the critical government approval required for any major overseas investment by a Chinese organization,” Moly Mines Chief Executive Derek Fisher said in the statement.
The project was set up and to be started in 2008 but due to the recession and financial crisis everyone was in it was hard.
More details are said to be released in a few days.
