China discovers world’s second largest molybdenum deposit

July 22nd, 2011 - 12:06 am ICT by IANS  

Beijing, July 21 (IANS) China has discovered the world’s second largest molybdenum deposit containing 2.2 million tonnes of the silvery metal that is widely used in the metallurgical sector, Xinhua reported Thursday.

The reserve was found in the country’s eastern Anhui province. The local mineral bureau estimated the deposit in Jinzhai county has 2.2 million tonnes of molybdenum.

The ore is of 0.157 percent grade. Its total value is over 600 billion yuan ($93 billion), bureau head Wu Yulong said.

The deposit can be exploited for more than 100 years 10 million tonnes annually, which can go a long way towards transforming the backward county into an industrial hub, Wu added.

The world’s largest molybdenum deposits are at the Climax Mine in Colorado, with a reserve of over three million tonnes.

Molybdenum is a non-renewable strategic resource widely used in the metallurgical sector, as well as in the chemical, machinery, aeronautical and lubricant sectors.

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