General Moly Inc, a US-based molybdenum mineral development, exploration, and mining company, has announced its unaudited financial results for the second quarter ended 30 June 2014.

Net loss was US$2.8 million, compared to a loss of US$14.3 million for the same period in 2013.

Excluding restricted cash, the company's cash balance on 30 June 2014 was approximately US$12 million, compared to US$22 million at the end of 2013 and $17 million at the end of March 2014. During the second quarter, cash use of US$5 million was the result of US$3 million spent on development costs (process equipment, engineering, procurement, owner's cost, and reclamation bond premiums) as well as US$2 million in general and administrative expenses with regards to its Mt Hope molybdenum mine in Nevada, USA.

"Interest in Mt Hope from potential strategic investors, both in and outside of China, has increased in tandem with an improving molybdenum price currently trading around US$13 per pound,” said Bruce D Hansen, CEO of General Moly. “We continue to have substantive dialogue with potential partners who could support a debt package to provide the bulk of the Mt Hope capital requirements.”

Engineering is approximately 65% complete at the Mt. Hope Project, the company says.

• [Editor:Mango]