Chinese steel giant Hebei Iron and Steel Co., Ltd (Hebei Steel) has announced that its subsidiary Laiyuan Non-Ferrous Metal Company has inked integration agreements with eight privately-owned molybdenum ore companies in the district of Dawan, Laiyuan County, Hebei Province.
In addition, as Hebei Steel said in its statement, the mineral resource development plan to be carried out by Laiyuan Non-Ferrous Metal Company with regard to the Guanghui mining district in Laiyuan has been unanimously approved by Hebei Steel's board of directors.
In its next step, Laiyuan Non-Ferrous Metal Company is to launch a technical innovation project in relation to resource development in Laiyuan, at an estimated cost of RMB 1.3 billion ($196 million). After the project is finished, the company will be able to process 3.6 million mt of raw molybdenum ore and 8,000 mt of molybdenum concentrate each year in Laiyuan.