Molybdenum mining company General Moly said that it entered 2017 with a cash balance of approximately US$8.5 million at year-end 2016.

At the Mt Hope mining project, the company’s 80% owned joint venture operating company Eureka Moly ended 2016 with a balance of US$13.0 million (100% basis) in a cash reserve account, and will remain self-funded through 2021 based on projected care and maintenance expenses.

The Company reported a net loss for the three months ending 31 December 2016 of US$1.9 million compared to a net loss of US$2.0 million for the same prior year period. Net loss for the full year ending 31 December 2016 was US$8.1 million, compared to a loss of US$15.2 million for the same prior year period.

‘2016 has been a challenging year as the molybdenum market continued to slowly recover,’ said Bruce D Hansen, CEO. ‘…We anticipate an improved molybdenum market going forward as we see the oil market stabilize and energy related steel production increasing.’

This story uses material from General Molywith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.