Anhui finds China's biggest molybdenum ore reserve
The Bureau of Geology and Mineral Exploration of Anhui Province officially announced on Wednesday the discovery of China's largest molybdenum deposit with more than 500,000 tons of proven reserves in Jinzhai County, Anhui province.
With an estimated value of 200 billion yuan ($29.271 billion), the recently-found reserve of molybdenum ore has a grade of 17 per ten thousand.
''This is the best type of molybdenum ore in China if taken into account the size and grade, 500,000 tons are only a preliminary estimate,'' said an insider.
According to an insider, Tongling Nonferrous Metals Group, one of the top three largest copper smelting companies in China will hold 70 percent of the share in the mineral and cooperate with the Bureau of Geology and Mineral Exploration of Anhui Province to develop it.
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