09/07/2008 - 08:54

Minister backs Moly's Spinifex project

09/07/2008 - 08:54

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Financing of Moly Mines Ltd's $1.1 billion Spinifex Ridge project has been given a boost after the environment minister today gave the go ahead for the project to proceed.

Financing of Moly Mines Ltd's $1.1 billion Spinifex Ridge project has been given a boost after the environment minister today gave the go ahead for the project to proceed.

The decision follows recommendations made by the state Environmental Protection Authority in April that allowed the project to proceed, subject to environmental management conditions which are currently being finalised.

The approval from the minister is the last major regulatory hurdle in the development of Spinifex Ridge which has an expected mine life of more than 20 years.

"The approval will lead to the acceleration of financing for the project," Moly said in a statement.

Last month German steel maker ThyssenKrupp threw its support behind the project by signing a 10-year offtake agreement and agreeing to invest equity in the project.

Shares in Moly were down 1c to $2.99 at 11:00AEST

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