NEW YORK (THomson Financial) - General Moly Inc announced a strategic
relationship with
ArcelorMittal SA, under which AercelorMittall will take a 12.6 pct stake in the
molybdenum producer and sign a long-term off-take agreement.
General Moly will receive 70 mln usd for issuing 8.239 mln common shares at
8.50 usd per share to the steel maker.
The off-take deal would allow for the supply of approximately 6.5 million
pounds per year of molybdenum for five years, beginning once the Mt Hope
facility commences production, Genaral Moly added.
tf.TFN-Europe_newsdesk@thomson.com
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