This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

General Moly Shares Rise On Nevada Court Ruling

NEW YORK (AP) â¿¿ Shares of General Moly surged more than 20 percent Thursday after a Nevada court backed the approval of water rights for one of the mining company's projects.

THE SPARK: The Nevada State District Court, in a filing dated Wednesday, issued an order affirming a state engineer's order approving water rights for its Mt. Hope project in Nevada and the subsequent issuance of permits for the project.

THE BIG PICTURE: Lakewood, Colo.-based General Moly mines for molybdenum, an element used in steel and cast iron.

In July, the company received approval to use 11,300 acre-feet of water annually for its Mt. Hood molybdenum mine, but some area farmers appealed the permits, saying they didn't receive a fair hearing on the applications.

"Obtaining water rights for the Mt. Hope project has been a long process and I am eager to move beyond the protests and appeals of the past three years toward a more positive and engaged dialogue with the County of Eureka and its citizens," said CEO Bruce Hansen.

Hansen said the company looks forward to receiving its remaining state and federal permits and starting construction later this year.

THE SHARES: Shares of General Moly Inc. rose 54 cents to $3.26 in heavy midday trading. Over the past 52 weeks, the company's shares have traded between $1.98 and $4.93.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,100.43 +62.46 0.35%
S&P 500 2,112.82 +3.90 0.18%
NASDAQ 5,069.6710 +9.4250 0.19%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs