Moly Mines has received $500m in funds from the China Development Bank (CDB) to develop the Spinifex Ridge molybdenum/copper mine in Western Australia.

The CDB has increased its amount from $250m, which was announced in February, to $465m and will provide the $35m in further working capital facilities to meet Hanlong Mining Investment’s $500m financing commitment to Moly Mines.

The firm is negotiating with an engineering consortium about the construction of the mine and related processing plant, which is designed to have a capacity of 10Mtpa.

According to the company, construction of mine and processing facilities will be completed in two years.

Moly Mines managing director and CEO Derek Fisher claims the proposed debt is a credit to the effort and persistence of the company’s shareholder Hanlong over the past 12 months.