Molybdenum Growth Linked to Future Demand for Stainless and Special Steels
LONDON, August 7, 2012 /PRNewswire/ --
Molybdenum growth rates will exceed global GDP rates to 2016
Global demand for molybdenum bounced back from the impact of the global economic downturn, growing by just over 11% in 2010 and a further 9% in 2011 according to a new report from Roskill. China now accounts for around 31% of global molybdenum demand and its growth rates continue to outpace those in other countries. While global demand for molybdenum is forecast to grow at an average of 4.6%py to 2016, Chinese demand is forecast to increase by 7.5%py. The principal engines of growth will be increased use of stainless and other steels containing molybdenum in process, power and desalination plants, in oil and gas production and distribution and in motor vehicle components. The greater use of molybdenum steels, high performance alloys and catalysts, combined with robust growth in the economies of the 'BRIC' countries and other countries in Asia and South America, will ensure growing future demand for molybdenum.
About 7% of stainless steel produced contains molybdenum. Grade 316, containing between 2% and 3% Mo is by the most widely used, largely in medium level corrosive environments such as external architectural applications. There is also growing use of "super" grades with higher levels of molybdenum in process, petrochemical and power plants and in the oil and gas sector.
Mine capacity sufficient to meet demand until 2015
Primary molybdenum mines were the first to respond to the recovery in demand in 2010, but in 2011 growth in output of by-product molybdenum from copper mines outpaced growth from primary mines. In 2012, mine capacity is sufficient to meet demand and supply is likely to show a surplus over the next three years. Roskill lists some sixty new projects and expansions that could potentially produce molybdenum, yielding an additional 240ktpy, indicating that long term mine supply is assured. Around 33% of new projects identified in 2012 are located in North America, 28% in Central and South America and 10% in China. In the next two years by-product output is likely to grow at a higher rate, but from 2014 new Chinese molybdenum-only projects will redress the balance. In the past insufficient roasting capacity has resulted in a bottleneck, but additional capacity has been installed and further additions are under construction in Chile, China and the USA by Codelco, Molymet, China Molybdenum and JDC.
Longer term price outlook
The longer term price prospects for molybdenum appear stable given apparent adequate existing mine capacity, and 140ktpy of relatively low cost by-product molybdenum in new copper-molybdenum mining projects under review, plus some 100ktpy in molybdenum-driven projects. Roskill notes, however, positive features in that the global market for molybdenum is expected to grow by some 60ktpy in the years to 2016, and that many projects are likely to be delayed in coming to fruition. Furthermore, production costs in excess of US$12/lb in the large Chinese molybdenum-only mining industry, probably provide an effective floor for prices.
Molybdenum: Market Outlook to 2016, 11th edition 2012 is available at £4,500 / €5,900 / US$7,500 from Roskill Information Services Ltd, 54 Russell Road, London SW19 1QL UK. Tel: +44-20-8417-8417-0087; Fax: +44-20-8417-8417-1308; email: info@roskill.co.uk; web http://www.roskill.com
Note to editors,
The report contains 323 pages, 147 tables and 96 figures. It provides a detailed view of the molybdenum industry, with subsections on resources, world production, leading mining and processing companies, world consumption, demand by end-use sector, international trade and prices. It provides forecasts of supply/demand balance and prices.
Table of Contents
Page
1 Summary 1
1.1 Properties, occurrence and processing 2
1.2 World supply 2
1.3 Consumption 3
1.4 International trade 5
1.5 Prices 6
2 History, properties, occurrence and reserves of molybdenum 7
2.1 History 7
2.2 Properties 8
2.3 Occurrence and mineralogy 8
2.4 Reserves and resources 9
3 Molybdenum mining and production processes 15
3.1 Mining, concentrating and processing 16
3.1.1 Technical grade molybdenum oxide (TMO - roasted concentrates) 16
3.1.2 Molybdenum Autoclave Process oxides 17
3.1.3 Ferromolybdenum (FeMo) 17
3.1.4 Other commercial forms of molybdenum 18
3.2 Recycling of molybdenum 19
4 World molybdenum production data 20
4.1 Mine production 20
4.1.1 Mine production by country 23
4.1.2 Molybdenum mine production by company 25
4.2 Ferromolybdenum production 29
4.3 Molybdenum metal and alloys 29
4.4 Recycling and regeneration 30
5 Molybdenum production capacity 31
5.1 Molybdenum mine capacity 31
5.2 Roasted concentrate capacity 34
5.3 Ferromolybdenum production capacity 36
5.4 New projects and future supply of molybdenum 38
5.4.1 Mining projects 38
5.4.2 Concentrate roasting and ferromolybdenum projects 42
5.4.3 Outlook for future mine supply of molybdenum 43
6 Molybdenum production costs 45
7 Notes on molybdenum producing countries 52
7.1 Argentina 52
7.1.1 Minera Alumbrera 52
7.1.2 Yamana Gold - Agua Rica Project 52
7.1.3 Xstrata Copper - El Pachón 53
7.1.4 Tenke Mining 54
7.1.5 Lumina Copper Corp - Taca Taca 54
7.1.6 Other projects 54
7.2 Armenia 55
7.2.1 Zangezur Copper-Molybdenum Company (Zangezur) 55
7.2.2 Agarak Copper-Molybdenum Company (Agarak) 56
7.2.3 Yerevan Pure Iron Plant (YPIP) 56
7.2.4 Armenian Molybdenum Production (AMP) 56
7.2.5 Armenian Copper Program (ACP) - Teghout 56
7.3 Australia 57
7.3.1 Auzex Resources 58
7.3.2 Dart Mining 59
7.3.3 Havilah Resources - Kalkaroo 59
7.3.4 Ivanhoe Australia - Merlin 59
7.3.5 Moly Mines - Spinifex Ridge 59
7.3.6 Thor Mining - Molyhil 60
7.3.7 Wolfram Camp Mining - Wolfram Camp 60
7.3.8 Other molybdenum exploration projects 61
7.4 Austria 61
7.4.1 Treibacher Industrie AG 63
7.4.2 Plansee SE 63
7.4.3 SEKOM Handelsges 63
7.5 Belgium 63
7.5.1 NV Sadaci SA 64
7.5.2 Other molybdenum processing companies 65
7.6 Brazil 65
7.7 Bulgaria 66
7.8 Canada 66
7.8.1 Mine production of molybdenum in Canada 67
7.8.1.1 Thompson Creek Metals Co - Endako 68
7.8.1.2 Teck Resources - Highland Valley Copper 69
7.8.1.3 Roca Mines Inc - Max 69
7.8.1.4 Imperial Metals Corp - Huckleberry 70
7.8.1.5 Taseko Mines Ltd. 70
7.8.2 New molybdenum mining projects in Canada 70
7.8.2.1 Adanac Molybdenum - Ruby Creek 70
7.8.2.2 Avanti Mining - Kitsault 71
7.8.2.3 Copper Fox Metals 71
7.8.2.4 Northcliff Resources - Sisson Brook 71
7.8.2.5 Western Troy Capital - McLeod Lake 72
7.8.2.6 Other projects 72
7.9 Chile 73
7.9.1 Mine production of molybdenum in Chile 76
7.9.1.1 Corporación National del Cobre de Chile (Codelco) 78
7.9.1.2 Antofagasta plc 81
7.9.1.3 Anglo American Sur 83
7.9.1.4 Cia Minera Doña Inés de Collahuasi 84
7.9.1.5 Amerigo Resources 84
7.9.2 New molybdenum mining projects 85
7.9.2.1 Escondida 85
7.9.2.2 Los Andes Copper - Vizcachitas 85
7.9.2.3 Teck Resources - Relincho and Quebrada Blanca hypogene 85
7.9.2.4 KGHM International - Sierra Gorda 86
7.9.2.5 Pan Pacific Copper 86
7.9.2.6 Hot Chili - Productora 86
7.9.2.7 International PBX Ventures - Copquaire Project 86
7.9.2.8 BHP Billiton - Spence 87
7.9.3 Processing of molybdenum in Chile 87
7.9.3.1 Molibdenos y Metales SA (Molymet) 87
7.9.3.2 Xstrata - Altonorte 92
7.1 China 93
7.10.1 Molybdenum resources in China 95
7.10.2 Mine production of molybdenum 97
7.10.2.1 China Molybdenum 99
7.10.2.2 Jinduicheng Molybdenum Group Co Ltd 101
7.10.2.3 Henan Coal Chemical Industry Group 101
7.10.2.4 The molybdenum industry of the Huludao region 102
7.10.2.5 Qingtian Jianshi Molybdenum Chemical Co 103
7.10.2.6 Sino-Steel Chifeng Jinxin Mining 103
7.10.2.7 Inner Mongolia Zhongxi Mining 103
7.10.2.8 Sing Horn Enterprise Co 104
7.10.2.9 Chaoyang Jinda Molybdenum 104
7.10.2.10 Dalian Haiyi Chemistry Co 104
7.10.2.11 Jilin Daheishan Molybdenum Industry 105
7.10.2.12 Chengdu Molyplus Technologies 105
7.10.2.13 Harbin Songjiang Copper Group 105
7.10.2.14 Chifeng Haozhou Mining 105
7.10.2.15 Luonan Jiulong Mining 105
7.10.2.16 Middle West Mining Corporation 106
7.10.2.17 Aqi Houde Mining Development - Bania Mountain 106
7.10.3 Molybdenum processing in China 106
7.10.3.1 Jinzhou Xinhualong Molybdenum 106
7.10.3.2 Other companies 106
7.11 Ecuador 107
7.12 France 109
7.13 Germany 109
7.14 Greenland 111
7.14.1 KGHM International - Malmbjerg 111
7.15 India 111
7.16 Indonesia 113
7.17 Iran 114
7.17.1 National Iranian Copper Industries Co (Nicico) 114
7.17.2 Zanjan Bronz Ltd 115
7.18 Israel 115
7.19 Japan 115
7.2 Kazakhstan 117
7.20.1 Molyken - Shorskoye 117
7.20.2 Other molybdenum occurrences in Kazakhstan 118
7.21 South Korea 118
7.21.1.1 NMC Resource Corporation 119
7.21.2 Sangdong Mining Corporation 119
7.21.3 Kwangyang Ferro Alloys 120
7.22 Laos 120
7.23 Mexico 120
7.23.1 Minera Mexico 121
7.23.2 Molymex SA de CV 122
7.23.3 Other molybdenum occurrences in Mexico 122
7.24 Mongolia 122
7.24.1 Erdenet Corp 123
7.24.2 Mongolyn Alt Group - Tsagaan-Suvraga 123
7.24.3 Erdene Resource Development - Zuun Mod 124
7.24.4 Shim Technology 124
7.24.5 Other projects 124
7.25 Morocco 125
7.26 Netherlands 126
7.26.1 Climax Molybdenum BV 126
7.27 Norway 127
7.28 Pakistan 127
7.29 Panama 127
7.29.1 Inmet Mining - Cobre Panamá 127
7.29.2 Cerro Colorado 128
7.3 Papua New Guinea (PNG) 128
7.30.1 Barrick Gold/CopperMoly - Simuku 128
7.30.2 Harmony Gold - Golpu 128
7.30.3 Marengo Mining - Yandera 129
7.31 Peru 129
7.31.1 Mine production of molybdenum in Peru 130
7.31.1.1 Southern Copper Corporation 131
7.31.1.2 Cía Minera Antamina SA 132
7.31.1.3 Freeport McMoRan - Cerro Verde 133
7.31.2 New molybdenum projects in Peru 133
7.31.2.1 Chinalco - Toromocho 133
7.31.2.2 Anglo American - Quellaveco and Michiquillay 133
7.31.2.3 Minera Milpo - Magistral 134
7.31.2.4 Monterrico Metals - Rio Blanco 134
7.31.2.5 Hudbay Minerals - Constancia 134
7.31.2.6 Jiangxi Copper/China Minmetals - Galeno 135
7.31.2.7 Rio Tinto - La Granja 135
7.31.2.8 Xstrata Copper 135
7.31.2.9 Metminco - Los Catalos 136
7.32 Philippines 136
7.32.1 Metals Exploration - Runruno 136
7.32.2 Xstrata Copper/Inophil - Tampakan 136
7.33 Poland 137
7.33.1 Strzelecki Metals - Myszkow 137
7.34 Russia 137
7.34.1 Resources 138
7.34.2 Mine production 139
7.34.2.1 Strikeforce Mining and Resources (SMR) 139
7.34.2.2 Norilsk Nickel - Bugdainskiy 141
7.34.2.3 JSC Tyrnyauz GOK (TGOK) 141
7.34.3 Other molybdenum occurrences in Russia 141
7.34.4 Molybdenum processing in Russia 142
7.35 Sierra Leone 143
7.36 Slovakia 144
7.37 South Africa 144
7.38 Spain 145
7.39 Sweden 146
7.4 Thailand 146
7.41 Turkey 147
7.41.1 Anatolia Minerals 147
7.42 UK 147
7.42.1 Climax Molybdenum UK Ltd. 148
7.42.2 FMP Metallurgical UK 148
7.42.3 H.C. Starck 149
7.43 USA 149
7.43.1 Mine production of molybdenum in the USA 151
7.43.1.1 Freeport McMoRan Copper & Gold 152
7.43.1.2 Rio Tinto - Kennecott Utah Copper 154
7.43.1.3 Thompson Creek Metals Company USA 155
7.43.1.4 Montana Resources Inc 156
7.43.1.5 Chevron Mining 156
7.43.1.6 Mercator Minerals Ltd - Mineral Park 157
7.43.1.7 Win-Eldrich Mines - Ashdown 157
7.43.1.8 Asarco (Grupo Mexico) - Mission 158
7.43.1.9 KGHM International - Robinson 158
7.43.2 New molybdenum projects in the USA 158
7.43.2.1 Eureka Moly - Mount Hope Project 158
7.43.2.2 Northern Dynasty Minerals/Anglo American - Pebble Project 159
7.43.2.3 Galway Resources 159
7.43.2.4 Bolero Resources - Bald Butte Project 160
7.43.2.5 Augusta Resource Corp 160
7.43.2.6 Other molybdenum occurrences in the USA 161
7.43.3 Other molybdenum processors and fabricators in the USA 161
7.44 Uzbekistan 162
7.44.1 Almalyk Mining and Metallurgical Combine (Almalyk) 163
7.44.2 Uzbek Refractory and High Temperature Metals Plant (UzKTZhM) 163
7.44.3 Uzmetal Technology 163
7.45 Vietnam 164
8 Analysis of molybdenum international trade data 165
8.1 Raw molybdenum concentrates 166
8.2 Roasted molybdenum concentrates 171
8.3 Molybdenum oxides and hydroxides 177
8.4 International trade in ferromolybdenum 181
8.5 International trade in molybdenum metal 187
9 World consumption of molybdenum 192
9.1 Consumption by country/region 192
9.2 Consumption of molybdenum by first use and industry 196
9.3 Consumption of molybdenum by use in selected countries 198
9.4 Consumption of molybdenum by form 201
10 Uses of molybdenum 204
10.1 Use of molybdenum in steels 205
10.1.1 Crude steel production 206
10.1.2 Alloy engineering steels 210
10.1.2.1 Full alloy steels 211
10.1.2.2 High-strength low alloy steels 215
10.1.3 Stainless steels 222
10.1.3.1 Types and uses of molybdenum-containing stainless steel 225
10.1.3.2 Production of stainless steel 230
10.1.3.3 Consumption of stainless steel 234
10.1.4 Tool and high speed steels 236
10.1.4.1 Types and use of molybdenum-containing tool and high speed
steels 237
10.1.4.2 Production and consumption of tool and high speed steels 241
10.1.5 Carbon steels 242
10.2 Catalysts 245
10.2.1 Use and types of molybdenum-bearing catalysts 245
10.2.2 Producers of molybdenum catalysts 249
10.2.2.1 Advanced Refining Technologies (ART) 250
10.2.2.2 Albemarle Catalysts & Nippon Ketjen 250
10.2.2.3 Axens Catalysts and Absorbants 251
10.2.2.4 Criterion Catalysts & Technologies 252
10.2.2.5 Haldor Topsøe A/S 252
10.2.2.6 Süd-Chemie Group 253
10.2.2.7 Other catalyst companies 253
10.2.3 Catalyst regeneration and recycling 253
10.2.3.1 Catalyst regeneration 253
10.2.3.2 Catalyst recycling 254
10.3 Molybdenum metal and molybdenum-based alloys 255
10.3.1 Types of molybdenum-base alloys 257
10.3.2 Applications of molybdenum metal and alloys 259
10.3.2.1 LCD panels and solar cells 260
10.3.2.2 Lighting industry 260
10.3.2.3 Electronics industry 260
10.3.2.4 Materials processing and thermal spray coating 261
10.3.2.5 High temperatures furnaces and equipment 262
10.3.2.6 Glass manufacturing 263
10.3.2.7 Aerospace and defence 264
10.3.2.8 Nuclear industry 264
10.3.3 Producers and fabricators of molybdenum metals and alloys 264
10.3.3.1 ALMT Corp. (Allied Materials) 264
10.3.3.2 Elmet Technologies 265
10.3.3.3 General Electric Consumer Products (GECP) 266
10.3.3.4 Global Tungsten & Powders 266
10.3.3.5 H.C. Starck 267
10.3.3.6 Jing Dui Cheng Molybdenum Group (JDC) 268
10.3.3.7 Luoyang High Tech Molybdenum & Tungsten Materials 268
10.3.3.8 Metallisation 268
10.3.3.9 Philips Advanced Metal Solutions 268
10.3.3.10 Plansee SE 269
10.3.3.11 Polema JSC 269
10.3.3.12 Toho Kinzoku Co Ltd 270
10.3.3.13 Other companies 270
10.4 High-performance alloys (superalloys) 271
10.4.1 Types and use of molybdenum-bearing HPA 271
10.4.1.1 Nickel-based HPA 272
10.4.1.2 Cobalt-based HPA 274
10.4.1.3 Iron-nickel-based HPA 275
10.4.2 Markets for HPA/superalloys 276
10.4.2.1 Aerospace applications 276
10.4.2.2 Non-aerospace applications 278
10.5 Titanium-based alloys 282
10.5.1 Titanium based alloys 282
10.6 Cast iron 283
10.6.1 Use of molybdenum in cast iron 285
10.6.2 Production of cast iron 286
10.7 Use of molybdenum in greases and lubricants 288
10.7.1 Grease production and producers 291
10.8 Use of molybdenum in pigments and corrosion inhibitors 295
10.8.1 Pigments/corrosion inhibitors 295
10.8.2 Corrosion inhibitors 297
10.9 Minor uses of molybdenum chemicals 297
11 Outlook for molybdenum consumption by product to 2016 299
11.1 Stainless steel 302
11.2 Full alloy steels 303
11.3 Tool and high speed steels 303
11.4 HSLA steel 304
11.5 Carbon steel 304
11.6 Catalysts 304
11.7 Molybdenum metal and molybdenum alloy products 305
11.8 High performance/superalloys 305
11.9 Cast iron 306
11.1 Grease and lubricants 306
12 Supply and demand of molybdenum 307
13 Molybdenum prices 310
13.1 Comparison of contract and free market prices, 2007 to 2012 311
13.2 Historic trends in free market prices 312
13.3 Concentrate prices 319
13.4 Outlook for molybdenum prices 321
For further information on this report, please contact Judith Chegwidden (judith@roskill.co.uk). To be added to our press distribution list please contact Isobel Jarvis (Isobel@roskill.co.uk)
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