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Gold/Mining/Energy : MOLYMANIA the race is on

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From: Condor	1/20/2005 11:11:45 PM
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Chile's molybdenum bonus (thanks to deeperinit) Friday, January 21, 2005 MOLYBDENUM has emerged as a crucial metal in the profits of Chile's state-owned copper company, Codelco, which estimates that about US$1 billion of its 2004 record profit of US$3 billion came from moly. According to a Dow Jones report, Codelco lifted moly production by 27% to 70 million pounds, just in time to catch a surge in demand from steel mills where the metal has extensive uses. An even higher moly contribution to Codelco's profit is forecast for the current year with the company further accelerating production to a forecast 72-75Mlbs. The price should also be in Codelco's favour with Dow Jones quoting analysts from the banking firm UBS tipping an average price of US$22.50/lb, compared with an average of US$15.20 in 2004. All of Codelco's copper mines in Chile produce some quantities of moly as a by-product, which means there is no official cost of production. The best cost estimate is US$1/lb.

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