Completion of Permitting Process for the Mt. Hope Project

*** SPECIAL REPORT ***

Morning Miners!

At 5:34AM General Moly announced completion of their Mt. Hope molybdenum project permitting. Here's the press release:

General Moly Announces Completion of Permitting Process for the Mt. Hope Project with Receipt of Water Pollution Control Permit (Press Release, 11/26/2012)

I believe this will put in motion funding from South Korean steel giant POSCO (PKX) of $100M within 15 days.


Bruce D. Hansen, Chief Executive Officer of General Moly, said:

We are pleased to receive the Water Pollution Control Permit from the Nevada Division of Environmental Protection and conclude the permitting process required for the construction of the Mt. Hope Project. I want to thank our team as well as our regulatory agency partners for their long hours, hard work and commitment to getting the job done right.

and,

We will now pivot aggressively to finalizing our project financing and initiating the construction and development of the world-class Mt. Hope Project. We are moving forward toward our goal of becoming the largest pure play primary molybdenum producer in the world.

General Moly is up 2.2% at $3.71 per share in early trading; POSCO (PKX) is up 0.6% at $72.97.

Western molybdenum is hovering just below $11 per pound:

Metals Week Average:
US$10.925
As of November 19, 2012
(updated weekly)

Ryan's Notes Average:
US$10.925
As of November 20, 2012
(updated twice weekly) 

The London Metal Exchange molybdenum 3-month seller's contract is $11.33 per pound ($25,000 per metric ton)

Cheers,

Colonel Possum