Owner of Asia’s largest molybdenum mine transfers shares

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Beijing, July 21 (IANS) A company that owns the exploration rights of Asia’s biggest molybdenum mine in China is transferring part of its shares to finance the mine’s development, authorities said on Friday.

Anhui Jinsha Molybdenum Co. Ltd in Anhui province will transfer up to 51 per cent of its shares, with a one per cent share currently listed at 37.5 million yuan ($5.54 million), Xinhua news agency quoted Anhui’s provincial Bureau of Geology and Mineral Exploration as saying.

The mine in Anhui’s Jinzhai county is Asia’s largest and the world’s second-largest molybdenum mine, with proven reserves of 2.46 million tonnes and a potential economic value of hundreds of billions of yuan.

The company was founded in 2011. It is engaged in the prospecting, exploration, processing and sale of molybdenum, which is widely used as an additive in the metallurgical industry and a catalyzer in the chemical industry.

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