Cominco Buys Alaska Mine From U.S. Borax
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KETCHIKAN, Alaska — Cominco American Inc. has bought the Quartz Hill molybdenum mine site in Southeast Alaska from U.S. Borax & Chemical Corp.
Terms were not disclosed.
Studies indicate that the mine contains more than 10% of the world’s known supply of molybdenum--more than 2 billion tons. Molybdenum is a metallic element used in alloys, electrical components and other industrial applications.
Borax has tried to develop the site for 17 years.
Bruce Bouley, Cominco’s exploration manager in Alaska, said his company has no plans to resume development soon but is interested in the mine as a long-term investment should molybdenum prices rebound.
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