China soars on stake in Mongolia mine

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China soars on stake in Mongolia mine

It increased an average 26% yesterday after the company reported it has completed its $28 million (34.5%) stake in Chifeng Aolunhua Mining Co.

Aolunhua is an owner of an open-pit molybdenum mine in Mongolia that’s averaged to hold 159 tons of molybdenum.

Molybdenum prices have increased so much during 2010 on the industrial demand for molybdenum in the fact of low global supplies.

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