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Moly Mines (ASX:MOL) recently announced the 35,500,000 Project Finance Options that were to fund the companies Spinifex Ridge moly project were canceled. This does not mean that the company has lost funding for the project. The Chinese firm that was to fund the project, the Hanlong Mining Investment Pty Ltd, wanted further studies and cost analysis of the project.

?The proposed financiers have requested the completion of an Engineering Procurement and Construction (?EPC?) contract that describes the scope, cost and schedule for construction of the Molybdenum Project as a core condition precedent to the financing,? stated the press release.

Moly Mines said that the Chinese firm has shown a high level of support and commitment to complete the process. The funding of this project has hit a road bump, but it seems that it will likely go through seeing the desire of Chinese firm to fund molybdenum projects around the globe.

Moly Mines also announced that the first shipments for its Spinifex Ridge iron ore project are on track for December of this year. The company also awarded an operations contract for the 1 million tonne per annum Spinifex Ridge Iron Ore Project.

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