Bloomberg reported that Sichuan Hanlong Group's founder is being held on murder charges, which is casting doubt on the future of the intended mining investment in Sundance Resources Ltd in West Africa and in General Moly Inc. Mt. Hope molybdenum mine.
New uses for molybdenum in renewable energy sources may bring a new lucrative market for the metal. Used as a substitute for cost prohibitive platinum, moly is being used in the generation of Hydrogen gas. Also, the Sichaun Hanlong-Moly Mines deal grows as Hanlong commits up to $5 billion for infrastructure projects in Australia.
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