POS-Minerals Corporation owns a 20% interest in the mine. 

General Moly says that it will use the cash to fund the Mt. Hope Project's financial requirements until exhausted or the company's full financing for construction of the mine is achieved. 

In December 2012, the company and POS-Minerals agreed to hold as restricted cash, US$36 million due to the company, of the approximately US$100 million received from POS-Minerals' December 2012 capital contributions. These funds were to be held in a reserve account until the company arranged full project financing for its 80% share of Mt. Hope Project construction cost, or until the management committee agreed to release the funds.

Confident progress

"This agreement, combined with the recently announced US$8.5 million private placement financing that closed in December 2014, provides the company with a significantly improved project and corporate liquidity profile as we bridge to a project financing for Mt. Hope, while at the same time minimizing the dilution to our shareholders,” said Bruce D. Hansen, CEO. “We want to thank POS-Minerals for their continued financial support and partnership.

"We remain confident in the progress being made toward full Mt. Hope Project financing. [...] We have strong interest from multiple private Chinese industrial companies and a large Chinese bank in advancing the fully permitted, construction-ready project."