Antofagasta to reduce molybdenum output by 33% in 2008

Chilean major copper producer, Antofagasta plans to reduce the molybdenum output by 33% for 2008 from 2007, when the firm increased the output by 4% to record 10,200 tonnes from 2006.

The firm estimates the output decreases to 6,800 tonnes in 2008 due to lower grade ore.

Demand for molybdenum is expected to remain strong, driven by the continued demand from both the steel and catalyst sectors, Antofagasta said, although supply growth in 2008 is expected to be limited. – Japan Metal Bulletin