PERTH (miningweekly.com) – ASX- and TSX-listed base metals miner Moly Mines said on Monday that its largest shareholder, China’s Hanlong Mining, planned to invest some $5-billion in Australia, over the next five years.

Moly said that the Chinese firm’s investment would reportedly be focused on the resources industry, as it seeks to build an international mining house in the steel raw materials sector.

The Perth-based molybdenum aspirant also reported that Hanlong was examining investing in related infrastructure to bring raw materials from mine to market, in order to avoid supply bottlenecks in road, rail and port facilities.

The Chinese miner currently had 25 mining projects in China, covering commodities such as gold, rare earths, tantalum, iron-ore, copper and molybdenum.

Last month, Moly received $200-million equity and debt from Hanlong, in return for a 55% stake in the company.

Hanlong has further committed to procuring a $500-million project loan facility for the development of Moly’s Spinifex Ridge molybdenum project, in Western Australia, by the end of September this year, which would provide the company with a platform to launch the world’s first major molybdenum project in over 25 years.

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