Large porphyry molybdenum deposit found in Inner Mongolia

Inner Mongolia Autonomous Region recently confirmed discovery of large porphyry molybdenum mine with estimated 260,000 tons of molybdenum resources.
Molybdenum's main use is in high strength steel alloys. These alloys are used in numerous applications from large scale construction projects, the automotive sector and the energy sector. Molybdenum is irreplaceable due to its ability to reduce corrosion as well as its unique ability for high heat applications. These factors make molybdenum essential in energy projects around the world from nuclear power to renewable energy projects.
Every new nuclear reactor as well as the modernization of current nuclear power plants needs approximately 400,000 pounds of molybdenum for the reactors and piping in the power plants. In China alone there are 100 planned nuclear power plants in the works over the next few years. That's 40 million pounds of molybdenum needed for Chinese nuclear energy alone, the International Business Times reported.
Prices for molybdenum on the London Metal Exchange have risen since the start of the year from approximately 37,200 U.S. dollars per ton over 39,600 U.S. dollars per ton, the 15-month seller contacts are at 40,300 U.S. dollars per ton.
Prices are rising for this essential metal along with steel demand worldwide. The increased demand from energy projects coupled with the rebounding global economy's appetite for steel should apply upward pressure on price.
By People's Daily Online