Perth-based molybdenum and iron ore company Moly Mines has received notice from Hanlong Mining Investment Pty Ltd that it plans to settle the $200 million equity and debt investment in Moly Mines in the second half of April 2010.

Currently, Hanlong is completing financing arrangements to enable the transfer of funds. This will result in Hanlong becoming the major shareholder in Moly Mines.

Meanwhile, due diligence for the $500 million Spinifex Ridge Molybdenum Project Finance Loan Facility has commenced, with members of Hanlong and a Chinese financial institution visiting the Spinifex Ridge Molybdenum and Iron Ore projects this week.

The Project Finance Loan Facility is expected to be available for drawdown by 30 September 2010.

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