The mining association of Hainan province has discovered a 25,400 ton molybdenum reserve valued at US$14.61 billion (RMB100 billion), Xinhua
reported. The local authority says it is the largest nonferrous metal discovery in the province and will be among the top ten molybdenum mines across the country. Hainan Jinzhoucheng Molybdenum Co has extraction rights. It plans to invest US$219.20 million (RMB1.5 billion) building a mine, which will employ 3,000 people and produce 7,000 tons of molybdenum worth US$189.98 million (RMB1.3 billion) a year. The mine is slated for completion in two years. Molybdenum has the sixth highest melting point among all elements and is often used in strengthened steel alloys. Hainan is an island off the coast of southern China.