Shenglong Mining to put all excess proceeds into molybdenum materials project

Shenglong Mining said on September 10 that it plans to invest all of its excess proceeds--RMB38.61 million (USD5.75 million)--in the construction of Luanchuan Longxing New Materials Technology's Phase I high-performance molybdenum materials project, which is under construction and has a designed production capacity of 20,000 tonnes per year.

The project has a total estimated investment of RMB275 million (USD40.98 million). It is designed to produce 15,000 tonnes per year of ferromolybdenum (containing 60% Mo), with slag and 98% sulfuric acid as by-products.

The construction period is 24 months. Once operational, the project is expected to achieve an after-tax financial internal rate of return of 12.06%.