Moly Mines Ltd
(ASX:MOL) has confirmed that it has received a commitment letter from China Development Bank for up to $US250 million to advance its Spinifex Ridge project in Western Australia.
The base and precious metals explorer says it will apply the financing to half of the planned $US466 million facility for the development of the mine.
Moly Mines major shareholder Hanlong Mining Investment has advised that the company can expect a commitment letter for the other half of the planned facility from the China Export and Import Bank after the Chinese New Year.
During the 2010 December quarter Moly Mines reported its first shipment of Spinifex iron ore from Port Hedland.
In the year to 30 June 2010, Moly Mines booked a net loss of $74.6 million.
