|
|
Article: General Moly Announces Closing of Mount Hope Joint Venture With POSCO.
- Article from:
- Business Wire
- Article date:
- February 19, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
LAKEWOOD, Colo. -- General Moly Inc. (AMEX:GMO) (TSX:GMO) announced that it has completed its documentation with POSCO for the creation of a joint venture to operate the Mt. Hope mine. As previously announced, POSCO will make three equity contributions to the joint venture totaling $170 million. POSCO's initial payment of $50 million will be made this month, the second payment of $50 million will be made on July 1, 2008, and a final payment of $70 million will be made upon receipt of all material permits required to construct Mt. Hope. POSCO will have the rights to 20% of production from Mt. Hope and will be responsible for 20% of project capital and operating expenses ...