Owner of Asia’s largest molybdenum mine transfers shares

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.

(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)

Facebook Comments

About VDC

Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.

Share

This website uses cookies.

%%footer%%