Henan Province-based Chinese group China Molybdenum Co. Ltd has broken ground for its new ferro-tungsten and hard alloy project. The project is expected to cost a total investment of RMB 2,800 million ($430.7 million) and is scheduled to be completed by June 2013.
Upon completion, China Molybdenum Co. Ltd will be China's biggest producer of ferro-tungsten and hard alloys. The company anticipates that its overall annual sales revenues will consequently reach RMB 4,600 million ($707.7 million).