Moly appoints Azure to replace UK merchant bank

West Perth-based Moly Mines Ltd has appointed local firm Azure Capital as corporate finance adviser for its $600 million Spinifex Ridge molybdenum project, effectively replacing United States merchant bank Taylor-DeJongh.

Moly company secretary Andrew Worland said the compay needed a financial adviser "on the ground here in Perth".

It had been receiving expressions of interest from a number of parties interested in providing either debt or equity for the project, and wanted assistance in evaluating those opportunities.

Mr Worland said Moly had spoken to several advisory firms and selected Azure because of its capacity to do the work in the current environment and its experience.

Taylor-DeJongh, which was appointed last year as financial adviser to the project, would be retained on an as-needs basis.

Moly said its Spinifex Ridge bankable feasibility study, which is being managed by engineering firm WorleyParsons, was on schedule to be completed by 30 June.

Its pre-feasibility study, completed early last year, estimated the project would cost $622 million. The company has identified substantial savings since then, but like other project developers has also been affected by the general increase in labour and construction costs.

Moly listed on the Toronto Stock Exchange last November and has since raised $44 million to advance the Spinifex Ridge project, which is located in the Pilbara.