Moly Mines Awards EPC Contract to CACS

24 May 2011 (Last Updated May 24th, 2011 18:30)

Moly Mines' subsidiary Moly Metals Australia (MMA) has awarded an engineering, procurement and construction (EPC) contract to CACS Corporation of China for its Spinifex Ridge molybdenum-copper project in Western Australia. CACS will conduct procurement activities, while GR Engineering S

Moly Mines' subsidiary Moly Metals Australia (MMA) has awarded an engineering, procurement and construction (EPC) contract to CACS Corporation of China for its Spinifex Ridge molybdenum-copper project in Western Australia.

CACS will conduct procurement activities, while GR Engineering Services (GRES) will act as a subcontractor to CACS, carrying out design, construction and management activities under the EPC.

Moly Mines will begin the $608m EPC contract on the receipt of unconditional financing for the project and acceptance of MMA Board to proceed with the project.

Moly Mines and Hanlong Mining Investment will continue to finalise the structure and documentation of the $500m in senior secured finance and working capital facilities that have been approved by China Development Bank for the project.