General Moly (GMO) Receives Water Rights For Mt. Hope In Nevada
I introduced General Moly to my subscribers in May of 2009. At that time, the permitting process was not paramount, as financing was the critical consideration as we were still emerging from the depths of the mining sector crash during the 2008 credit crisis. At the same time, China was embarking on a search for potential mining acquisitions in the West. It was inevitable that a plum such as General Moly would catch Beijing’s eyes.
General Moly sits atop a massive mountain of molybdenum in Nevada called Mt. Hope, the largest and highest grade asset in North America. Nevada happens to be one of the world’s most friendly mining jurisdictions. The union between China and GMO was inevitable. In order to make steel out of iron ore, molybdenum needs to be introduced into the mix. Ore can not be catalyzed into steel without the addition of molybdenum.
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