Large rare metal discovery in Xinjiang

Geologists have discovered a large field containing rich deposits of rare molybdenum in northwest China's Xinjiang Uygur Autonomous Region, local officials said Tuesday.

Molybdenum is a hard, silvery mineral mainly used as an alloying agent in steel and tungsten. It is used in the aviation, construction and military manufacturing industries.

With at least 573,000 tons of proven reserves, worth an estimated 60 billion yuan (10 billion U.S. dollars), it is the largest deposit of molybdenum ever discovered in the resource rich Xinjiang.

The mine is located 100 kilometers south of Yumin County, northwestern Xinjiang, according to the regional mining authority.

The discovery will not only advance the development of the new Molybdenum-related industry in Xinjiang, but will also benefit local revenue and employment, according to the authority.

The authority has worked with a mine company from neighboring Qinghai Province and has spent six years and 100 million yuan on the exploration project.