China Molybdenum Buys Mine Rights for $157 Million

Businessweek reports that China Molybdenum Co. (HKG:3993)  agreed to buy exploration rights for a mine in Xinjiang province for 1.04 billion yuan ($157 million).

The market news is quoted as saying:

China last month kept next year’s export quota unchanged for molybdenum, which is used to toughen steel in alloys. The government may set up strategic reserves for 10 metals including molybdenum, a report by the Ministry of Land and Resources’ newspaper said today.

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