The Rush for Rare Metals

In a sure sign that metal bubbles are back, a great rush is on to make money from molybdenum. On May 3, the same day it was reported that an unlisted Chinese firm, Sichuan Hanlong, was to spend US$200 million on acquiring 55 percent of an Australian molybdenum project, Russian oligarch Oleg Deripaska announced the forthcoming listing of his molybdenum company, Strikeforce Mining, on the Hong Kong stock exchange. (Since this was written Strikeforce advised that its share offer was postponed due to the general deterioration in market sentiment).

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