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General Moly secures final permit to start operations at Mount Hope project

General Moly Inc. received the final federal permit from the U.S. Bureau of Land Management for its 80%-owned Mount Hope molybdenum project in Nevada, allowing the company to start construction and operations at the site.

"[W]e are intensifying our efforts with our financial advisors in seeking incremental liquidity, project financing, and strategic alternatives to maximize value," CEO and CFO Bruce Hansen said.

The company added Sept. 30 that this marks the BLM and the U.S. Interior Department's approval of its supplemental environmental impact statement for the project.

After receiving project financing, a development decision to proceed with construction will need approval from the company's joint venture partner, POS-Minerals Corp., a subsidiary of POSCO, which owns a 20% interest in Mount Hope.

In January 2017, the U.S. Court of Appeals for the 9th Circuit issued its opinion concerning a challenge to the BLM's approval of the company's plan of operations for developing the project.