Fri Feb 25, 2011 3:51pm GMT* Says loan talks with Hanlong Group, syndicate resume
* Shares up 11 percent
Feb 25 (Reuters) - Moly Mines Ltd expects to produce 820,000 tonnes of iron ore in 2011 and has resumed talks with China-based Hanlong Group and a bank syndicate for a loan, sending its shares up 11 percent.
Moly Mines began commercial production at its Spinifex Ridge project in Western Australia in November and said the production rate at the mine is seen to touch 1 million tonnes a year in the second quarter.
The miner said it has resumed talks with Hanlong Group, its controlling shareholder, and a banking syndicate for a $466 million project finance loan.
The company said Hanlong was working to get a commitment from China Export and Import Bank to match the one it secured from China Development Bank in January for $250 million.
Shares of the Toronto-based company rose 11 percent to C$1.09 in early trading on Friday on the Toronto Stock Exchange.(Reporting by Abhiram Nandakumar, Sourced:Thomson Reuters)
Moly Mines began commercial production at its Spinifex Ridge project in Western Australia in November and said the production rate at the mine is seen to touch 1 million tonnes a year in the second quarter.
The miner said it has resumed talks with Hanlong Group, its controlling shareholder, and a banking syndicate for a $466 million project finance loan.
The company said Hanlong was working to get a commitment from China Export and Import Bank to match the one it secured from China Development Bank in January for $250 million.
Shares of the Toronto-based company rose 11 percent to C$1.09 in early trading on Friday on the Toronto Stock Exchange.(Reporting by Abhiram Nandakumar, Sourced:Thomson Reuters)
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