Kennecott Utah Copper Corporation said that it will build a molybdenum smelter near Magna. A ground breaking is set for November 11th 2008.

Kennecott said that the USD 270 million Molybdenum Autoclave Processing facility will run on clean energy and reduced emissions. It's not saying what kind of energy until the dedication ceremony.

Mr Tom Albanese CEO of Kennecott parent company Rio Tinto said that China and India are big buyers of molybdenum.