General Moly & Hanlong agreed on Nevada Mine.

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General Moly & Hanlong agreed on Nevada Mine.

A source has said that a Chinese firm is in favor of purchasing 25% equity stake for $80m, along with other support made to fund a molybdenum mine in Nevada.

The agreement is based on Hanlong who are based in the USA having assurance of $665m loan from a bank in China, as well as obtaining 25% of General Molybdenum shares for $80m which is conditional when the loan has been completed.

The equity part of this loan is subject to the stock holder approval.

Both companies have also agreed that Hanlong will hold delivery points when the mine becomes functional.