Moly Mines
Hanlong moves closer to control of Moly Mines
Sichuan Hanlong Group has been given a green light from a regulatory wing of China's government to make a US$200-million controlling investment in Moly Mines Ltd (ASX/TSX: MOL).
The dual listed molybdenum miner said Friday that permission from China's National Development Reform Commission is a critical step towards getting other required regulatory approvals.
Moly is working with Hanlong and other Chinese domestic banks to secure $500 million in financing to develop the Spinifex Ridge Molybdenum Project in Australia.
Molybdenum is a silvery-white base element primarily used as an alloy in stainless steel.
Moly Mines also said China's Ministry of Commerce is currently reviewing the application and is expected to announce its decision within two weeks before handing the case to the State Administration of Foreign Exchange.
The company added that it may be forced to extend the cut-off date for the transaction because the approvals may be delayed by the Chinese New Year in February.
Sichuan Hanlong's investment in Moly is expected to be completed through its Australian subsidiary, Hanlong Mining Investment Pty Ltd.
Hanlong has investments in mining, electricity production, infrastructure development, pharmaceuticals, real estate, tourism and environmental technology.
China’s Commerce Ministry and State Administration of Foreign Exchange still need to approve the project, which will result in Sichuan-based Hanlong owning more than 51% of Moly.
Moly shares rose 2% to 96 cents in Toronto morning trading.
Other Moly Mines articles
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25/01/10 Sichuan Hanlong Group moves closer to control of Moly Mines
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31/08/09 Moly Mines to restructure debt, paving way for Spinifex Ridge Mine Development
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08/07/09 Derek Fisher, Managing Director of Moly Mines speaks to Proactive Investors
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04/06/09 Moly Mines reports initial JORC iron ore resource at Spinifex Ridge
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20/05/09 Moly Mines reports excellent iron ore assay results from Spinifex Ridge
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01/05/09 Moly Mines in negotiations to acquire additional mining projects
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11/03/09 Moly Mines reports outstanding high grade iron ore intersects at Spinifex Ridge
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27/02/09 More high grade iron ore for Moly Mines at Spinifex Ridge
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27/01/09 Moly Mines proposes smaller Stage 1 molybdenum development at Spinfex Ridge
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15/12/08 Molybdenum demand to benefit from infrastructure programs
Other Moly Mines news
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01/03/10 Moly Mines and Hanlong inching closer to a deal at Spinifex Ridge
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01/03/10 Moly Mines and Hanlong inching closer to a deal at Spinifex Ridge
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16/02/10 Moly Mines progresses negotiations with Hanlong Mining Investment
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16/02/10 Moly Mines progresses negotiations with Hanlong Mining Investment
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29/01/10 Moly Mines nearing China investment completion
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04/12/09 Moly Mines closes Share Purchase Plan
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19/11/09 Australia approves Sichuan Hanlong Group investment in Moly Mines
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02/11/09 Moly Mines completes $31.5 million offering for Spinifex Ridge Iron Ore Project
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03/09/09 Moly Mines targets US$25 million capital raising in Australia and Canada
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01/09/09 Moly Mines receives port access for iron ore from Spinifex Ridge, study points to fast cash flows
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