Moly Mines ready for Spinifex project 3-November-08 Written by Adam Orlando
Molybdenum miner Moly Mines today announced the Spinifex Ridge Molybdenum Project was poised for immediate implementation, despite the economic slowdown.
The company said all permitting required to commence construction had been completed, however the 15-month onsite construction schedule would only proceed once full project funding was completed. A revised first production date of July 2010 has now been targeted.
"The unprecedented rapid deterioration of the global financial markets means that full funding cannot be achieved before the end of 2008. However the company has taken the intermediate step toward the full project funding with the completion of the Trust Company of the West $US150 million Interim Financing facility," the company said in a statement |