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Moly Mines is preparing to develop the largest molybdenum deposit

Australia's Moly Mines plans to soon begin to develop the largest molybdenum deposit Spinifex in the world.

The bulk of investment in this project will come from the Chinese Hanlong, which owns a large stake in Moly Mines. The Chinese in the near future to invest in the project $ 200 million. In the future it is planned to spend on the development of Spinifex another $ 500 million. The parties intend in 2012 to produce the first batch of molybdenum concentrate from ore mined at the deposit. Annual income from the project should reach 1 billion yuan, profits -. 2 billion yuan… The planned annual production of molybdenum ore (in terms of pure molybdenum) — 500 thousand tons of copper ore (based on copper) -. 800 thousand tons of field life -… 35 years.

Comment SOGRA: China's consumption of molybdenum in 2010 could rise by 13% to 90 thousand tons, but it is not excluded faster growth of domestic production, which will lead to increased exports… To meet the growing demand for raw materials, Chinese companies are investing in overseas mining projects. The main Chinese player in this market — Hanlong, which is not only preparing for the development of Spinifex mine in Australia, but also acquired a 25% stake in General Moly, becoming the major shareholder of the American company, which owns 80% stake in the project, Mountain Hope (sht.Nevada) with proven reserves of 1.3 bn. pounds of molybdenum.

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