The nation’s second-biggest producer of molybdenum has agreed to purchase exploration rights for a mine in Xinjiang province for $157 million.
The rights can now be transferred from the producers Geological Institution unit, . The company can explore an area of 16.77 square kilometres around a mine in East Gobi, Hami.
China last month kept next year’s export quota the same for molybdenum, which is used to make alloy steal tougher. The government may set up specific reserves for 10 metals including molybdenum.