koreans buying up mo resources

NMC aims to reopen Canadian moly mine

August 17, 2011.

South Korean molybdenum producer NMC Resource Corp. has made its first foray into the North American market by entering into an option agreement with a subsidiary of Xstrata Canada Corp. to buy the shuttered Boss Mountain molybdenum mine in British Columbia.
South Korean molybdenum producer NMC Resource Corp. has made its first foray into the North American market by entering into an option agreement with a subsidiary of Xstrata Canada Corp. to buy the shuttered Boss Mountain molybdenum mine in British Columbia.

The decision was driven by the paucity of resources left in Asian nations that consume a lot of molybdenum, the company said Tuesday.

"Korea and Japan are very much industrialized, but their mine resources are nearly depleted. If there is a market (for resources), you�ve got to go to it," a source close to the company.