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Molybdenum In The Spotlight

posted on Mar 05, 08 05:03AM

Molybdenum In The Spotlight

Jonathan Ratner, Financial Post Published: Wednesday, March 05, 2008

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Specialty metals such as molybdenum are definitely getting their share of attention these days -- and rising prices reflect the interest. Molybdenum, which is often referred to as "moly," is used to strengthen steel and is a catalyst in petroleum refining. In the days of US$100 a barrel oil, you can see where the high level of interest comes from. Thompson Creek Metals Co. is one of the largest publicly traded pure moly companies. It has four properties -- two in British Columbia, one in Idaho and another in Pennsylvania -- and reports a measured and indicated resource of 1 billion pounds of moly. In a presentation to PDAC yesterday, COO Ken Collison said one of the benefits of being a primary producer [most moly is produced as a by-product of copper mining] is that primary producers tend to produce a cleaner end-product. Responding to a question about the potential for additional reserves at its 75%-owned Endako project in B.C, Mr. Collison said the company is beginning to look beyond the existing property.

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