China Finds Large Molybdenum Deposit in Anhui Province -Report

BEIJING, June 3 -- A large molybdenum deposit with more than 500,000 metric tons of proven reserves has been discovered in China's eastern province of Anhui, the Anhui Daily reported Wednesday, citing local government officials.

Valued at CNY200 billion ($29.3 billion), the find could yield more than 17,000 tons of molybdenum a year, the report said.

The deposit was located in Jinzhai county, along a mineral-rich belt at the northern foothills of Dabie mountain, it said.

Molybdenum is primarily used as a strengthening agent to make stainless steel.