Did you invest in a molybdenum miner?November 20th, 2011 by...

Did you invest in a molybdenum miner?
November 20th, 2011 by Penny Stock Reporter

Not much is known about this metal in the ground which is very scarce around the world, with only a handful of miners mining this resource in a few countries. Molybdenum,is a metallic element used principally asan alloying agentin steel, cast iron and superalloys to enhancehardness, strength, toughness and corrosion resistance. Molybdenum usage has doubled in recent years and is expected to increase in demand due to its superior versatility, low toxicity compared to most metals, and there are few opportunities for its substitution.

Australian Molybdenum miners

•Moly Mines Ltd
•Aussie Q Resources
•Zamia Metals
•Marengo’s Mining (papa new guinea)
•Dart Mining NL
•Kingsgate mines
•Ivanhoe Mines
•Metallic Minerals Limited’s
•Thor Mining PLC
•D’Aguilar Gold Limited’s

Molybdenite is widely used as a lubricant in high-temperature environments. Molybdenum wire is used in electron tubes,and molybdenum electrodes areused in glass furnaces. The major producers are the USA (Coloradoand Arizona), China, Chile and Canada. Australia has just started mining molybdenum resources which occur in New South Wales and WA.

Molybdenum was discovered in 1778 by Swedish chemist Carl Milhelm Scheele, and obtained its name from the Greek word molybos, meaning lead like. It is a silvery white, tough, malleable metal and most commonly occurs in nature as molybdenite (MoS2) and wulfenite (PbMoO4). It is an important trace element in soils for plant growth. The main commercial source of molybdenum is molybdenite (MoS2) but it is found also in minerals such as wulfenite (PbMoO4) and powellite (CaMoO4). Molybdenum is mined as a principal ore and is also recovered as a by-product or co-product of copper and tungsten mining.

Australia’s Economic Demonstrated Resources (EDR) of molybdenum rose from 225 kilotonne (kt) in 2008 to 276 kt in 2009. All the increase occurred at Ivanhoe Australia Ltd’s Merlin deposit in northwest Queensland (Qld). Western Australia (WA) has Australia’s largest molybdenum EDR with about 79%, followed by Qld with 19% with the remainder in the Northern Territory (NT) and New South Wales (NSW).(Ref Australian Mine atlas). China has the world’s largest molybdenum reserves, but in 2005, peasants in Hubei blamed molybdenum mines for poisoning the Chaoshui river. Rioters destroyed an estimated 200 molybdenum mines, crippling the world’s supplies.

Article by Australian Penny Stocks (Contributors – CARLO BIANCARDI , Jeff)


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