Reuters reported that Strikeforce Mining and Resources Limited, the Russian molybdenum miner owned by billionaire Mr Oleg Deripaska has postponed plans to double capacity until demand from steel maker returns to pre crisis levels.

Mr Geoffrey Cowley, who will leave SMR on December 12th after three years in charge said that the company had frozen new exploration projects but remained in a good position to increase its market share and launch a stock float after the financial crisis.

He said that "We have postponed, not cancelled, investment decisions. As the markets recover, the company will re impose the investment program to double capacity."

He added that "Other long term projects have been cancelled by our competitors. We still intend to double capacity and take even more of a global market share, once the market allows that to happen."

Strikeforce Mining and Resources Limited, supplies about 4% of the world's demand for steel hardening alloy ferromolybdenum from its mines and smelters in Siberia. It accounts for 5.5% of Europe's molybdenum requirements.