July 30, 2010 / 2:57 PM / 8 years ago

UPDATE 1-General Moly Q2 net loss widens partly on lower prices

* Q2 net loss/shr $0.04

* Says expects to get $40 mln from Hanlong by yr-end

* Shares fall 2.6 percent

July 30 (Reuters) - Molybdenum miner General Moly Inc (GMO.TO) posted a wider quarterly net loss, hurt by higher operating expenses and lower prices, sending shares down as much as 2.6 percent.

For the second quarter ended June 30, net loss was $3.2 million or 4 cents per share, compared with a net loss of $2.9 million, or 4 cents per share, a year ago.

Two analysts were expecting the company to post a loss of 5 cents per share, according to Thomson Reuters I/B/E/S.

Total operating expenses for the quarter rose nearly 10 percent to $3.2 million.

General Moly said molybdenum prices continued to trend lower and are currently about $14 per pound.

The company, which secured investment from Chinese mining group Hanlong (USA) Mining Investment Inc, also said it expects to get about $40 million from the first tranche of the equity financing by the year-end.

Shares of the Lakewood, Colorado-based company, which have lost about 10 percent of their value in the last three months, were down about 3 percent, before paring some losses to trade at C$3.45 Friday morning on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below