Molybdenum market quotation in China: ferro molybdenum, molybdenum oxide and ammonium heptamolvbdate prices remain stable on May 5, 2022. On the first day after the May Day holiday, many molybdenum mining companies have not fully resumed normal production and most steel companies have delayed bidding time, resulting in a low market heat. 

ASX-listed EQ Resources Limited (EQR) is fully funded for the development of its Mt Carbine tungsten project. The company reports that it has secured additional funding commitments of A$5.7 million from its joint venture and offtake partner, the German Cronimet Group, and its director, Zhui Pei Yeo.

Tungsten (W) has played an important role in the development of the modern industrialized world, but it is also a mineral with an unstable supply chain, which makes the future of the $1 billion Sangdong tungsten mine in South Korea shine. w is a shiny, black metal containing small amounts of carbon and oxygen that is essential for making battery anodes for electric vehicles, semiconductors and other green technologies.

The US Las Vegas-based MP Materials is building a 200,000-square-foot rare earth magnet manufacturing facility in Fort Worth to produce rare-earth magnets and materials for electric vehicles through a long-term agreement with General Motors Corp. The components are also critical to robotics, drones, wind turbines, defense systems, and other technologies. The project will create about 150 permanent, highly skilled jobs and about 1,300 indirect jobs, the company said, and the production is expected to begin in 2023.