Check out this from Diggers and Drillers - Moly Close to...

Check out this from Diggers and Drillers -

Moly Close to Securing US$150 Million in Financing

Molybdenum junior Moly Mines (ASX:MOL) announced it is finalising new funding worth US$150 million to the company last week. It was expecting to have completed this deal 'by September'.

This is the greatest risk with Moly: getting financing done on time. The company needs to wrap up $1.1 billion in funding before the Spinifex Ridge molybdenum project can go ahead. It's starting to look like the company may need to sell a share of the project to pull that off.

We like the firm's chances of getting financing. The molybdenum price hasn't been affected by the global economic downturn at all. It's still US$33 per pound, with a lot of upside potential. MOL has used much more conservative commodity price forecasts in its appraisal of the site. It's a very appealing prospect for investors, both retail and institutional.

But in a credit downturn, anything is possible. So keep an eye on how Moly's funding progresses.

Cheers

F