Rio Tinto Makes $270 Million Investment In Molybdenum
Wednesday June 11st, 2008 / 7h52
Edited Press Release LONDON -(Dow Jones)- Rio Tinto said Wednesday that it is to invest $270 million in the construction of a new Molybdenum Autoclave Process (MAP) facility at its Kennecott Utah Copper (KUC) Bingham Canyon operation in Salt Lake City. This will enable lower-grade concentrate to be processed more efficiently than conventional roasters, allow improved molybdenum recovery and operating flexibility and enable production of chemical grade molybdenum products, the company said. Tom Albanese, chief executive of Rio Tinto, said, "The outlook for molybdenum demand is very strong, driven by the rapid urbanisation and industrialisation of China and India. KUC is one of the world's lowest cost producers of copper, and molybdenum and gold production at Bingham Canyon are major contributors to this position." The investment will enable Rio Tinto to increase revenue, expand molybdenum production, simplify operations, provide flexibility in mine planning and contribute to its sustainable development initiatives. MAP will also make it possible for Rio Tinto to recover rhenium from its concentrate and become a secure long term supplier, the company said. The facility will have capacity to produce up to 9,000lbs of rhenium per year. The MAP design includes a number of energy conservation features and an environmentally responsible technique for producing molybdenum products. A steam recovery system will be included to capture excess steam from the autoclave for use in downstream processes. This recycle system will supply about 40% of the plant's thermal requirements and emit significantly less sulphur dioxide and carbon dioxide by processing molybdenum concentrate through MAP. The MAP facility is scheduled to begin operating in the third quarter of 2010. Rio said.
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