US Molybdenum mining company General Moly has posted net loss for the three months ended September 30, 2014 of US$3.2 million compared to net income of US$2.6 million for the same period of 2013.

The primary reason for the US$2.6 million net income during the third quarter of 2013 was the non-cash accounting treatment associated with the termination of the Securities Purchase Agreement between the Company and Hanlong (USA) Mining.

Excluding restricted cash, the company's cash balance at September 30, 2014 was approximately US$8 million compared to YS$22 million at December 31, 2013 and US$12 million at June 30, 2014. During the third quarter, cash use of US$4 million was the result of $2 million spent on Mt. Hope Project development costs (process equipment, engineering, procurement, owner's cost, and reclamation bond premiums), US$1 million in Liberty Project Pre-Feasibility Study related expenditures and US$1 million in general and administrative expenses.

"We are focused on Mt. Hope financing and encouraged by the advances we have made in negotiations on investment agreement terms, sponsorship requirements, and indicative loan terms associated with a US$700 to US$750 million debt and equity package,” said Bruce D Hansen, General Moly CEO. “We continue to see strong interest from multiple private Chinese industrial companies and a large Chinese financial institution in advancing the fully permitted, construction-ready project."

• [Editor:Mango]