Moly Mines is to receive financing for up to $250m for the development of the Spinifex Ridge molybdenum-copper mine in Australia.

The firm has received a financing commitment letter, which forms part of the planned $466m syndicated secured senior finance facility for the development of the mine.

The remaining half of the finance facility is expected to be offered by the China Export and Import Bank this year.

Moly Mines managing director and CEO Derek Fisher said the developments are significant steps forward in the financing cycle for the project.