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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV