China finds world's 2nd largest molybdenum deposit Updated: 2011-07-21 21:02 (Xinhua)

HEFEI - China has discovered its largest molybdenum deposit containing 2.2 million tonnes of the silvery metal, which ranks the second largest in the world, in East China's Anhui province.

Anhui Geology and Mineral Resources Bureau estimate the deposit in Jinzhai County has 1.275 billion tonnes of ore which contains 2.2 million tonnes of molybdenum, said Wu Yulong, head of the bureau.

The grade of the ore is 0.157 percent. The deposit's total value is more than 600 billion yuan ($93 billion), Wu said.

The deposit can be exploited for more than 100 years at a capacity of 10 million tonnes of ore disposed annually, which can go a long way towards transforming the backward county into an industrial hub, Wu said.

The world's largest molybdenum mine is the Climax Mine in Colorado, the United States, with a reserve of over 3 million tonnes.

Before the discovery of the new deposit, China's largest deposit was in Luanchuan county of Central China's Henan province containing of 2.06 million tonnes of molybdenum.

Molybdenum, a non-renewable strategic resource, is widely used in the metallurgical sector as well as chemical, machinery, aeronautical and lubricant fields.