Anhui Jinzhai Molybdenum reserves are the second largest in the world

At the review meeting held recently by the Mineral Resources Reserve Review Center of Anhui Province, a new discovery was announced. A giant molybdenum deposit was discovered in Jinzhai County, Anhui Province. Its molybdenum reserves were approximately 2.2 million tons or more, reaching the second highest in the world. The potential economic value exceeds 600 billion yuan.

After the general survey and detailed investigation, at present, the Jinping Shapinggou molybdenum deposit has been controlled to have a length of 1,000 meters from east to west, 900 meters from north to south, and a maximum hole thickness of 945 meters in a single hole. Totally 332+333 types of ore are estimated to be 1.275 billion tons of total molybdenum. The amount exceeds 2 million tons, while the east-west end of the ore body has not yet estimated the amount of resources. According to the current estimation of the degree of exploration and control, an amount of 2.2 million tons or more of molybdenum can be submitted.

The current largest molybdenum mine in the world is the Claremax molybdenum mine in the United States, with more than 3 million tons of reserves. The Jinping Shapinggou molybdenum deposit proved to be second only to the mine and became the world's second largest molybdenum deposit. Academician Chang Yinfu of the Chinese Academy of Sciences and the Chinese Academy of Engineering accepted the People's Daily reporter’s interview that the Shapinggou molybdenum deposit has four significant characteristics: large scale, rich grade, concentrated ore body, and high economic value, and its potential economic value exceeds RMB 600 billion.

The CITIC Construction Securities Report shows that since 2007, molybdenum prices have fallen sharply due to a slight oversupply of global molybdenum ore production capacity. At the same time, the international construction and expansion of molybdenum mines will enter the production-intensive period from 2011 to 2015. According to the statistics of foreign authoritative organizations, the total new annual production capacity is as high as 100,000 tons.

China's molybdenum output accounts for nearly 40% of the world's total. In 2010, China's molybdenum output was approximately 185,000 tons. It is understood that molybdenum will also be included in the state's protective mining of minerals, as with rare earth, the growth of production is expected to be controlled. This also restricts the development of new mines.