Ivanhoe Mines (TSE:IVN,NYSE:IVN,NASDAQ:IVN) announced an operational review and financial results for first quarter 2011.
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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.
Analysts are bullish for the future of the molybdenum market stemming from growth projection in China. Steel demand, and consequently, demand for moly is expected to grow by 9 percent through 2012.
The search for new mineral wealth is pushing to the far reaches of the globe. Mongolia, the neighbor to two of the world’s largest economies, Russia and China, is on track to have the largest copper mine outside of Chile. International mining companies are taking up increased interest in Mongolia, which suffers from poverty and a lack of modern infrastructure.