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The Chilean Copper Commission warned in early January 2007 that prices for speciality metal molybdenum could decline 19% in 2007. Prices for the steel strengthening agent, often a copper by-product, rose from $US24 a pound to $US26 a pound in the week following the prediction by the commission. In Australia, Queensland Ores is preparing to commence molybdenum production. Moly Mines has one of Australia's biggest molybdenum projects at Spinifex Ridge in Western Australia, with Frontier Resources, Thor Mining, PacMag Metals, Intermin Resources, Takoradi and D'Aguilar Gold also involved in the specialty metal.