BOISE – A Canadian mining company said it has reached an agreement with a Chinese company bringing in $700 million in financing for a possible open-pit molybdenum mine 37 miles northeast of Boise.

Vancouver, B.C.,-based American CuMo Mining Corp. in an announcement this week said the agreement is with Hong Kong-based MCC8 Group Co. Ltd.

CuMo Mining said the agreement is a major step in paying for a feasibility study, but the deal keeps local control with its subsidiary, Idaho CuMo Mining Corp..

The company said there are at least 2 billion tons and possibly 4 billion tons of molybdenum, copper and silver worth up to $60 billion at current prices.

Three environmental groups in January filed a federal lawsuit challenging the U.S. Forest Service’s approval of the company’s exploratory drilling.