BNamericas reported that Chilean state copper producer Codelco has created a new firm to enter the molybdenum processing business.

As per report, Codelco will have a 99.9% stake in the new firm Promoly, with the remainder to be indirectly held by its subsidiary Copperfield.

Codelco said that Promoly has an initial capital of USD 14.2 million. The company will process molybdenum concentrate on its own or at third party facilities for the manufacture of finished molybdenum products.

(Sourced from www.bnamericas.com)