Friday, January 21, 2005
Molybdenum ("Moly") boosts Copper Company's Bottom Line
iWon Money & Investing
In 2004, Codelco produced about 70 million metric tons of molybdenum, or 27% more than in the previous year, Pablo Bascur, Codelco's byproduct sales manager, told Dow Jones Newswires. Bascur said that molybdenum accounted for nearly $1 billion of the company's profits last year. The company will likely release its earnings report in late February or early March.
The metal, which in Chile is found as a byproduct of copper, is used in steel alloys. Known in metals markets as 'moly', it is at prices not seen since 1995 thanks to booming demand, mainly from China.
In 2004, Codelco produced about 70 million metric tons of molybdenum, or 27% more than in the previous year, Pablo Bascur, Codelco's byproduct sales manager, told Dow Jones Newswires. Bascur said that molybdenum accounted for nearly $1 billion of the company's profits last year. The company will likely release its earnings report in late February or early March.
The metal, which in Chile is found as a byproduct of copper, is used in steel alloys. Known in metals markets as 'moly', it is at prices not seen since 1995 thanks to booming demand, mainly from China.
Labels: Copper
