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Gold/Mining/Energy : The Molybdenum Discussion Board

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From: LoneClone	4/24/2007 6:28:49 PM
	of 3267

Alumbrera mine building molybdenum plant mining-journal.com The molybdenum plant requires an investment of US$15.5 million Xstrata plc`s Alumbrera copper and gold mining operation in Argentina is building a molybdenum processing plant scheduled to begin production in August. Xstrata owns 50% of the Bajo de la Alumbrera mine which lies in the northwest of the South American country. Goldcorp Inc and Northern Orion Resources hold 37.5% and 12.5% respectively. The mine`s operator, Minera Alumbrera, said in a statement that "average annual production is estimated at 4,400 t of molybdenum concentrate, which will be refined abroad". Minera Alumbrera added in the statement the plant to process molybdenum would require an investment of US$15.5 million. Prices are currently high for molybdenum - mainly used as a hardening agent in stainless steel. Molybdenum oxide was US$26.50/lb this week. In 2006, about 400 Mlb of molybdenum were produced, with tight supplies making the market sensitive to supply disruptions. (April 20)

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