General Moly Inc says that it finished Q3 of 2016 with a cash balance of approximately US$11.0 million and US$15.1 million in restricted cash.

The joint venture operating company Eureka Moly LLC operating the company’s molybdenum mine ended Q3 with a balance of US$13.0 million (100% basis) in a cash reserve account that is expected to fund ongoing projected care and maintenance expenses through 2021. 

For Q3 ended 30 September 2016 the company reported a net loss of US$2.1 million (US$0.02 per share), compared to a net loss of US$2.7 million (US$0.03 per share) for the prior year period. The decrease in quarterly net loss was primarily due to reduced overall ongoing expenditures in 2016 versus 2015 and from continued cash conservation and cost control efforts.

‘2016 has been a challenging year as the molybdenum market slowly recovers,’ said Bruce 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 is reprinted from material from General Molywith editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.