Moly Mines' major shareholder, Hanlong Mining Investment, has received Chinese Government approval that will enable it to complete financing for the Spinifex Ridge molybdenum/copper project.
The National Development and Reform Commission of China has confirmed its consent for funding to be allocated to the development and construction of the ten million tons-per-annum project.
On 19 October 2009, Hanlong committed to arranging $500m in project financing for the construction of the project by 31 January 2011.
Hanlong's immediate parent entity, Sichuan Hanlong High Technology Development, also received NDRC approval to support the commitment of Hanlong.
The approval is for $466m, to be provided in the form of Chinese bank loans.