Iran discovers 21 mn tonnes of molybdenum deposit

A molybdenum deposit, with an estimated reserve of 21.7 million tonnes, has been discovered in Iran's East Azerbaijan province, Xinhua reported Monday.

Nearly all ultra-high strength steels contain 0.25 to 8 percent molybdenum. Also, Molybdenum is used in nuclear energy applications and for missile and aircraft parts.

While contributing to the hardenability and toughness of quenched and tempered steels, molybdenum improves the strength of steel at high temperatures and is used in certain heat-resistant and corrosion-resistant nickel-based alloys.

In January, former Iranian industry, mine and trade minister Mehdi Ghazanfari said that Iran's existing mineral reserves would sustain for 140 years if 400 million tonnes of the reserves were extracted annually.

He claimed that the potential mineral reserves in Iran were estimated to be 57-58 billion tonnes, of which 37-38 billion tonnes have been proven.

Iran's discovered mineral reserves are valued at over $770 billion, said Ghazanfari.