Reuters reported that Sichuan Hongda Company Limited of China plans to build CNY 10.48 billion molybdenum and copper refining project.

It said in a statement that the project is expected to have yearly production capacity of 400,000 tonnes of copper cathodes and 40,000 tonnes of molybdenum metal.

The company estimates it can reach sales revenue of CNY 34.69 billion and net profit of CNY 1.38 billion after production for the project starts. Construction will be carried out in two stages and is earmarked for completion in 2015.

Annual production capacity for the first stage is estimated at 25,000 tonnes of molybdenum metal, 7,516 tonnes of molybdenum trioxide and 200,000 tonnes of copper cathodes.

The second stage is estimated to add an additional 30,000 tonnes of pure molybdenum trioxide and another 200,000 tonnes of copper cathodes to its yearly production capacity.

(Sourced from Reuters)