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ON the subject of specialty metals used to strengthen steel, we have news that Canadian investment resources guru Eric Sprott is launching a molybdenum fund. To be called Sprott Molybdenum Participation Corp, it will raise $C75 million ($80 million) to invest in molybdenum producers and explorers.

Moly Mines, which has just got a mining licence for its Spinifex Ridge project in WA, will be an obvious target, as will Canada's Blue Pearl Mining, the world's largest traded producer. You'd have to think that Sprott would also look at some of our emerging moly companies, namely Queensland Ores, Marengo Mining, PacMag Metals and Thor Mining.