Base and precious metals explorer Moly Mines Ltd (ASX:MOL) has secured US$500 million in funding from its major shareholder Hanlong Mining Investment.
Hanlong has advised that the China Development Bank has approved the finance facilities.
The bank has agreed expand its original US$250 million commitment to US$465 million, and made US$35 million available to meet Hanlong’s US$500 commitment to Moly Mines.
The funding will be injected into Moly Mines Spinifex Ridge project in Western Australia.
Moly Mines booked a net loss of $130.4 million in the first half of its 2011 financial year.
