iWon Money & Investing
In 2004, Codelco produced about 70 million metric tons of molybdenum, or 27% more than in the previous year, Pablo Bascur, Codelco’s byproduct sales manager, told Dow Jones Newswires. Bascur said that molybdenum accounted for nearly $1 billion of the company’s profits last year. The company will likely release its earnings report in late February or early March.
The metal, which in Chile is found as a byproduct of copper, is used in steel alloys. Known in metals markets as ‘moly’, it is at prices not seen since 1995 thanks to booming demand, mainly from China.
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