Business & Finance: Windfall in Molybdenum

The United Nations had a great piece of luck. In Washington, mining officials happily announced that a "large deposit" of molybdenite had been discovered about 400 miles northwest of Quebec. Molybdenite yields molybdenum, a white, slippery alloying metal which is so vital in armor plate and guns that it is No. 1 on Canada's strategic list.

The new bonanza was prospected—and is mostly owned—by Canada's veteran gold miner, Dome Mines Ltd. Engineers of Dome stumbled on the deposit last August when they were frantically looking for something to replace moribund gold digging. Dome will spend $250,000 for new facilities, hopes to mine...

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