The money will be used as interim financing, as the company prepares to start construction at Spinifex Ridge.
Moly Mines is considering a number of alternatives for the full project funding, and is in “advanced discussions” with several potential investors.
The company is aiming to fund two-thirds of the capital for the project through debt, and the rest through equity financing.
The firm has received approval of the environmental conditions and procedures for the development of the project from the Western Australian State Government Minister for the Environment and is now making final preparations to begin site construction activities.
Commissioning at Spinifex Ridge, in Western Australia, is scheduled to begin in the second half of next year.