AP reported that Kennecott Utah Copper Corporation is building a USD 340 million molybdenum smelter, driven by strong demand for the steel alloy in China and India.

The project had been on hold for more than a year because of the down economy, but Kennecott says it has started construction. Production is expected to start in three years.

Molybdenum is a byproduct of copper production, but Kennecott didn't have its own high temperature roasters to produce the finished metal. It has been sending ore to Mexico and overseas for processing.
Now it plans to produce molybdenum on its own, in a powder form.

(Sourced from Associated Press)