Moly Mines mulls over project options

The global economic crisis has forced Moly Mines to reportedly mull over its development options for its $1.2 billion molybdenum project.

According to a Bloomberg report, managing director Derek Fisher said the company is looking to either bring in a partner or sell a stake in the project to help secure development funding.

The company has already secured $300 million in funding this year, but the company needs a further $690 million to develop the Spinifex Ridge molybdenum project in the Pilbara.

"In this market, beggars can't be choosers," Mr Fisher was reported as saying.

"[Finance] is not available for any mines out there whether it is debt or equity."

Mr Fisher's comments follows the company's move to trim discretionary spending, with directors salaries freezed for next year and certain project works wound down.

Shares in Moly closed up three cents to 29c.