US-based molybdenum development company General Moly has arranged full funding for its Mt Hope project in Nevada through a partnership with Hanlong (USA) Mining Investment, a wholly owned subsidiary of Chinese mining group Sichuan Hanlong. Hanlong will spend USD 80 million for a 25% stake in General Moly and also guarantee a USD 665 million loan from a Chinese bank. Hanlong will also provide General Moly with a USD 20 million bridge loan to start development at Mt Hope. Hanlong has also agreed to buy around 7480tns of molybdenum per year from Mt Hope. General Moly already has off-take agreements with ArcelorMittal, SeAH Besteel, and Sojitz for roughly 15.5 million pounds per year for five years.