Rio Tinto rises on molybdenum discovery

Rio Tinto has risen 34.5p to £27.05 after it said it had discovered what may be the world’s biggest deposit of molybdenum, a silvery metal with a high melting point which is used in steel alloys.

The discovery was found at its Bingham Canyon mine near Salt Lake City in the US, the company has told a mining conference. The metal is used in the manufacture of aircraft parts and industrial motors.

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