"The proven reserves are estimated at more than 700,000 tons, making the field one of the six largest molybdenum mines in the country, said Meng Zhonghuai, head of the Henan No. 2 Provincial Geological Survey Center.

The discovery, which has been regarded as a breakthrough for China's molybdenum exploitation over the past two decades, was approved by the Ministry of Land and Resources and the mine is expected to be exploited soon, said Meng."