In 2014, the company hopes to obtain full financing and then start heavy construction at its Mt Hope molybdenum mine.
In 2014, the company hopes to obtain full financing and then start heavy construction at its Mt Hope molybdenum mine.

Excluding restricted cash, the company's cash balance at December 31, 2013 was approximately US$22 million compared to US$68 million on 31 December, 2012 and US$26 million on 30 September, 2013. 

“We are continuing to focus on financing alternatives for the Mt. Hope Project,” said Bruce D Hansen, CEO of General Moly. “To support ongoing due diligence efforts, the Ccmpany updated its capital and operating costs, mine plans, and project economics for the Mt. Hope Project. General Moly also developed an optional scenario, released on February 25, 2014, which focuses on the high-grade core of the deposit that incrementally enhances project economics and demonstrates the economic viability of Mt. Hope at lower molybdenum prices. 

“The optional scenario provides additional flexibility for pursuing financing and to support ongoing due diligence efforts. These updated operating and capital cost estimates resulted in robust economics, positioning Mt. Hope within the lower quartile of the cost curve for primary molybdenum development projects and existing primary molybdenum operations.

Managing liquidity

"Looking into 2014, we are moving aggressively to obtain full Mt. Hope Project financing and then start heavy construction,” he added. “We are also pushing forward with further assessment of the Liberty Project, including investigating a larger economic contribution of the copper resources in this deposit. In addition, as we proceed toward obtaining full Mt. Hope Project financing, the Company will continue to prudently manage its liquidity position."