General Moly

The Mt. Hope molybdenum mine project near Eureka has taken another step forward.

The Nevada state engineer has granted General Moly’s water right applications for mining purposes. The specific water right permits for the Mt. Hope Project are anticipated to be issued “any day now,” General Moly Vice President Pat Rogers said Thursday.

General Moly Chief Executive Officer Bruce D. Hansen said, “We are extremely pleased that the state engineer has considered our applications and the efforts made to resolve the concerns and protests of third parties, including the ranchers and growers in the Kobeh Valley and Diamond Valley water basins, and the County of Eureka in once again approving our water rights.

“We maintain our commitment to the Eureka Producers’ Cooperative through the establishment of the Sustainability Trust to help Diamond Valley conserve water and enhance the viability of the agricultural community. The approval of our water applications represents a major milestone for the development of the Mt. Hope Project.”

Rogers said General Moly’s partner AMER has agreed to invest additional money into the Mt. Hope project once the water rights are issued. AMER is a private, China-based multinational company that is one of the world’s largest advanced materials, fine machining, and downstream metals refining providers.

Rogers said the Mt. Hope project still needs to get the record of decision on a supplemental Environmental Impact Statement, and that is expected sometime late this summer.

“Once those permits are in place, all the water right permits and the record of decision for the EIS, and we have a strong moly price, then we’ll start working on the finance package with our Chinese partner to obtain the loan to construct the Mount Hope project,” Rogers said.

The Mt. Hope mine, which is expected to employ about 400 people, has been in the planning stages for many years, so the people involved are happy to possibly be in the home stretch.

“We’re pretty excited,” Rogers said. “And the moly price is staying strong.”

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