General Moly files Chapter 11, hope ebbs for huge moly mine

Mount Hope has been promised since 2008 as one of the world’s biggest molybdenum mines, but its majority owner, General Moly Inc, filed for bankruptcy this week, calling the venture further into question, market sources said.

More than a billion lbs of molybdenum was expected from the Nevada, United States-based mine, 80% owned by General Moly.
The Colorado, US-based exploration firm did not respond to Fastmarkets’ request for comment on the project’s viability on this or earlier occasions this year.
General Moly filed for Chapter 11 bankruptcy protection on Wednesday November 18 and changed its top management that day, according to an announcement that also said trading of the company stock (“GMO”) was suspended.
General Moly also restructured $1.4 million in debt to allow it continue operating, it said.

Bruce Hansen, chief executive officer, resigned on Wednesday and was replaced by Thomas Kim as interim chief executive, the statement said. Kim, a business consultant with r2 Advisors, also holds the new title...

Published

Orla O'Sullivan

November 20, 2020

07:00 GMT

New York