China Molybdenum Acquires Mine Rights in China

China Molybdenum has acquired exploration rights for a mine in the Xinjiang province of China for CNY1.04bn ($157m).

The company will explore an area of 16.77km2 around a mine in East Gobi, Hami.

China Molybdenum estimates the mine has 350 million tons of ore, with 396,100t of metal content.

The company has formed a joint venture to develop the mine.