Asian Metal visits some molybdenum mining enterprises in Henan

On August 9-10, 2012, David Li, general manager of ferroalloys department and Coco Li, analyst of molybdenum from Asian Metal visited some Henan-based molybdenum mining enterprises---Luanchuan-based Longyu Molybdenum Co., Ltd., China Molybdenum Company Limited and Luanchuan Ruida Mining Co., Ltd. under Luoyang Mudu Mining and Metallurgy.

Liang Chen, deputy secretary of party committee from Luanchuan-based Longyu Molybdenum warmly received David Li and Coco Li from Asian Metal, and they exchanged views on domestic molybdenum industry status and outlook. Mr. Liang noted that domestic molybdenum industry is in difficulty, and many ferromolybdenum smelting enterprises have suspended production recently. Moreover, molybdenum mines have not been able to sustain sale price lower than RMB1,500/mtu by themselves, but future market is still uncertain. He also indicated that Chinese economic data will be better than foreign countries' and Chinese ferromolybdenum market will see balance between supply and consumption in the near future, thus the price should stop declining earlier in domestic market than in overseas market. Finally, Mr. Liang expressed his high expectations on Asian Metal and support to “Global Molybdenum Annual Conference”, which will be held by Asian Metal on Oct 18-19 in Shanghai.

Asian Metal visited China Molybdenum Company Limited on the morning of August 10, and discussed about molybdenum industry status and export outlook with sales manager from the company. The sales manager also expressed their support to “Global Molybdenum Annual Conference”, which will be held by Asian Metal in Shanghai.

Asian Metal visited Luanchuan Ruida Mining Co., Ltd. under Luoyang Mudu Mining and Metallurgy on the afternoon of August 10. The company is located in Taowan Town, Luanchuan City, and it is located nearby mountains. With 5,000tpd of selecting capacity, the company produces 300tpm of molybdenum concentrate with 89-90% of recovery rate. Leaders from the company warmly received Asian Metal and expressed their support to “Global Molybdenum Annual Conference”, which will be held by Asian Metal in Shanghai. Xu Xinhui, section chief of supply and marketing department guided Asian Metal group to visit processes of molybdenum broken up, ball mill and select flotation, and he introduced characteristics of molybdenum mine in Luanchuan and developing history of Ruida Mining in details. The two parties noted that they will keep in touch with each other in the future.