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Gold/Mining/Energy : The Molybdenum Discussion Board

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To: LoneClone who wrote (2890)	5/3/2007 10:39:07 PM
From: LoneClone	of 3267

Molybdenum supply is expected to get tighter By Staff Purchasing May 3, 2007 purchasing.com An already tight molybdenum supply situation has gotten much worse recently, sending spot molybdenum prices above $30/lb in mid-April because of threats of export controls by China and the launch of new exchange traded fund (ETF) in Canada. Beyond being used to strengthen steel used by the construction industry, molybdenum also is critically important to the energy drilling complex. According to Sprott Asset Management, a 5,000-foot oil well requires 50 tons of molybdenum-hardened steel to drill; a 15,000-foot well requires a whopping 1,100 tons. ResourceInvestor.com suggests that one of the biggest reasons moving the molybdenum price is the launch of the Sprott Moly Fund in Canada run by Sprott Asset Management. The ETF is expected to invest up to $100 million in moly-related equities and physical metal. Meanwhile, China, which supplies 20% of the world's molybdenum, wants to retain more of its metal production for domestic use—and plans to introduce a quota system for molybdenum exports. The quota system will only grant export perm

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