General Moly Inc has reported net loss for the three months ended  30 June, 2015 of US$6.8 million, compared to a loss of US$2.8 million for the year ago period.

Excluding restricted cash, the company's cash balance at June 30, 2015 was US$18 million compared to US$13 million on 31 December 2014 and US$16 million on 31 March, 2015.

 ‘The company made significant strides to advance development of the fully permitted Mt. Hope Project and improve our liquidity profile in the second quarter,’ said Bruce D Hansen, CEO. ‘The proceeds from the termination of the transmission agreement, combined with the previously announced US$8.5 million private placement financing and a January agreement with POS Minerals Corporation to use restricted cash of up to US$36 million for the benefit of the Mt. Hope Project, provides the company with a significantly improved project and corporate liquidity profile.’

General Moly now plans to procure a bank loan of approximately US$700 million from one or more major Chinese banks for development of the mine. 

This story is reprinted from material from General Moly, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.