Moly Mines will focus its mergers and acquisitions strategy in the next six months to near term production opportunities that can be financed independently.
The move comes as its major shareholder Hanlong Group will be in position to financially support an acquisition or project support only from the second half of 2013.
Moly Mines will consider longer term opportunities with the financial backing of Hanlong as well as under the Strategic Alliance it entered with the China Development Bank last December, when there is more appetite for investment.
Moly Mines had a total cash of $5.44 million at the end of last quarter.
Source:
http://www.steelguru.com/metals_news/Moly_Mines_to_seek_near_term_acquisitions_independently/296085.html
