Moly Mines Limited (ASX:MOL) has signed a memorandum of understanding with China Development Bank (CDB) to establish a strategic alliance for financing new projects.
The new projects will be identified by the miner, and CDB will consider providing financial support subject to the usual requirements including due diligence, internal credit approval and government approvals.
Moly Mines has also decided not to proceed with the Spinifex Ridge project because of continued price weakness and the strength of the Australian dollar.
Moly Mines reported a net loss of $7 million for the half year ended June 30, 2011.
