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MAGNA, Utah (AP) -- Kennecott Utah Copper Corp. is building a $340 million molybdenum smelter in Magna, driven by strong demand for the steel alloy in China and India.
The project had been on hold for more than a year because of the down economy, but Kennecott says it has started construction. Production is expected to start in three years.
Molybdenum is a byproduct of copper production, but Kennecott didn't have its own high-temperature roasters to produce the finished metal. It has been sending ore to Mexico and overseas for processing. Now it plans to produce molybdenum on its own, in a powder form.
Kennecott produces 300,000 tons of copper a year, together with some gold and silver, from the Bingham Canyon Mine.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
