Many molybdenum firms benefited from higher prices for moly in 2010 as well as massive investments from moly hungry China. Backed by growing steel demand from the urbanization of China, moly prices rose from the abysmal $8 lows in 2008 up to $18 per pound in April 2010, prices have since settled to around $16 per pound.
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Molybdenum exploration in Canada is heating up along with demand for the metal. Miners are looking to take advantage of China's appetite for steel, for which moly is a vital ingredient. This article is a guide to some of the promising molybdenum projects underway in Canada.
Peru, the world’s second largest copper producer, is benefiting from billions of dollars of investments from the worlds largest mining companies. The investments may boost copper and molybdenum production that could rival Chile, the world leader in copper production. Also, a new use for moly as a semiconductor may increase demand for the metal in the future.
Many molybdenum mining companies have released Second Quarter results, as well as updates for ongoing projects. Results for the companies are mixed as some have benefited from rising moly prices, while others have struggled to get new projects online.