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  • Veronica Lind

Almost everything you want to know about Molybdenum

Taiton Resources Limited (ASX:T88) identifies Molybdenum Anomaly


Taiton announced on 9th October 2023, approval from the Department of Mines and Energy in South Australia for a second drilling program to test the coherent Molybdenum Anomaly that was identified from the Ultra Fine Soil Survey completed in August. The approval from Environment Protection and Rehabilitation (EPEPR) allows Taiton to drill up to a total of 20 additional locations.




So what is Molybdenum?


Molybdenum was first discovered by Peter Jacob Hjelm in 1781. The name is derived from the Greek 'molybdos' means lead. Molybdenum (atomic number 42) is more ductile than tungsten and is resistant to corrosion. It has a melting point of more than 2623 degrees celsius.

Molybdenum Anomaly identified by the Ultra Fine Soil Survey | Taiton Resources Limited
Molybdenum | Taiton Resources Limited

New uses of Molybdenum


Most molybdenum is used to make alloys. It is used in steel alloys to increase strength, hardness, electrical conductivity and resistance to corrosion and wear. These ‘moly steel’ alloys are used in parts of engines. Other alloys are used in heating elements, drills and saw blades. Molybdenum disulfide is used as a lubricant additive. Other uses for molybdenum include catalysts for the petroleum industry, inks for circuit boards, pigments and electrodes.


Supporting green energy, molybdenum is being used to develop next generation energy storage devices, such as supercapacitors and batteries. The biggest potential for supercapacitors applications are in hybrid transportation. Molybdenum will also play a huge role in renewable energy with uses in wind turbines, solar panels and hydrogen production.


Therefore, you will see a high surge of molybdenum uses in industries like steel, super alloys, oil and gas, chemical, automotive, energy and power, medical, aerospace and transportation.


Molybdenum Market Overview


The world production of Molybdenum is around 200,000 tonnes per year with Top Molybdenum Producers being China producing 150,000 MT and Chile 51,000 MT.


Expected CAGR of 4% in the forecast period of 2023-2028. Molybdenum prices had reached its highest level in 17 years by the end of January 2023.


Molybdenum prices rocket upwards to $100,000 per tonne mark in Asia almost 150% since February 2021. Reasons being:

  • Mines production declined for years

  • Quality of the mined ores dropped

  • Supply constraints from China

  • Technological advancements create strong demand in the Aerospace & Defense Industry and in clean energy transitions

  • Important raw material for stainless and tool steels

A shortfall of at least 84,000 metric tonnes is expected in the next 3 years according to analysts.


Highway Project Updates (English and Mandarin)


 

About Taiton Resources Limited


Taiton Resources Limited (ASX: T88) is an early-stage mineral exploration and development company with a portfolio of projects across South Australia and Western Australia. The Company's portfolio includes the Highway Project, which spans a land area of 2,980 sq km and is situated in South Australia, as well as the Lake Barlee Project, which covers a land area of 668.7 sq km in Western Australia. Additionally, the Challenger West Project is located in South Australia and has a land area of 997 sq km. Taiton Resources Limited was listed on the ASX on 19 December 2022.


ABN 41 062 284 084 ACN 062 284 084


Contact


t: +61 3 8648 6431

f: +61 3 8648 6480

REGISTERED OFFICE: Level 13, 200 Queen St, Melbourne, VIC 3000

 

Disclaimer: Many things here represent our opinion. Others are information from the internet. We can therefore never claim to be correct or complete. And never base a business decision solely on the news you receive from us.

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