Molybdenum Plant postponed

BHP Billiton has announced that it will delay the development of a plant to process molybdenum at a Chilean mine. Mauro Valdes, BHP’s spokesman in Santiago said that it made the decision after a decline in the price of molybdenum, used to strengthen steel. He added that it is because of the market circumstances. BHP hadn’t yet approved the investment in the plant at its Escondida copper mine in Chile. The facility would cost USD 120 to USD 150 million to build. BHP owns 57.5% of Escondida, while Rio Tinto Group owns 30% and a group led by Mitsubishi Corp. owns 10% while International Finance Corp. owns the remainder.
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