Local authorities in the Hami region of the northwestern Chinese province of Xinjiang have announced the discovery of a large molybdenum deposit with proven reserves amounting to 300,000 mt.
The newly discovered deposit is located 110 km to the southwest of the city of Hami and 44 km west of Yamansu County. From December 2006, Henan Provincial Bureau of Geo-exploration and Mineral Development carried out a systematic geological survey of the area in question. After over three years of investigation, the officials from Henan have reported a molybdenum deposit with proven reserves of 300,000 mt or prospective reserves of 450,000 mt worth RMB 200 billion (US$29.33 billion) in value.