A company that owns the exploration rights of Asia's biggest molybdenum mine is transferring part of its shares to finance the mine's development, authorities said.
Anhui Jinsha Molybdenum Co. Ltd in east China's Anhui Province will transfer up to 51 percent of its shares, with a one-percent share currently listed at 37.5 million yuan (5.54 million U.S. dollars), according to Anhui's provincial Bureau of Geology and Mineral Exploration.
The mine is located in Anhui's Jinzhai County. It is Asia's largest and the world's second-largest molybdenum mine, with a proven reserve of 2.46 million tonnes and a potential economic value of hundreds of billions of yuan.
The company was founded in 2011. It is engaged in the prospecting, exploration, processing and sale of molybdenum, which is widely used as an additive in the metallurgical industry and a catalyzer in the chemical industry.
