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Top Molybdenum Producers by Country

China produced the most molybdenum by far in 2020. But which other countries are top molybdenum producers? Find out here.
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Like most metals, molybdenum took a hit from the coronavirus in 2020. However, there is optimism for stronger demand in 2021 for industrial metals as global economies recover.

Prices for molybdenum are closely related to copper. The metal is often produced as a by-product of copper, meaning that molybdenum output tends to rise and fall depending on how much copper is being produced. Oil prices are also a good indicator of where the molybdenum market is headed.

Despite the COVID-19 pandemic, worldwide molybdenum production increased by 6,000 metric tons (MT) from 2019 to 2020, rising from 294,000 MT to come in at 300,000 MT. But which countries were the top molybdenum producers last year? Here’s a look at which nations put out the most of the metal in 2020, as per the latest data from the US Geological Survey.

1. China

Mine production: 120,000 MT

China produces the vast majority of the world’s molybdenum supply by a large margin. The country’s molybdenum output fell by 10,000 MT in 2020 to come in at 120,000 MT for the year.

The molybdenum market as a whole is closely tied to China, and not just because the country produces so much of the metal. China also has a massive industrial sector that requires huge amounts of molybdenum to make steel. The Chinese government has recently been tightening up its mining standards in an effort to meet more stringent environmental regulations. As a result, molybdenum facilities have been inspected, forcing firms to either upgrade them to meet these standards or shut down. So far, that hasn’t seemed to hurt China’s production.

2. Chile

Mine production: 58,000 MT

Second in the molybdenum producers lineup is Chile, whose molybdenum production rose slightly in 2020, hitting 58,000 MT; the country produced 56,000 MT in 2019.

State-owned Codelco produces the bulk of Chile’s molybdenum, and KGHM Polska Miedz (WSE:KGH) is also a producer in the country. Hot Chili (ASX:HCH,OTC Pink:HHLKF) is working on bringing its Productora copper project into production in Chile, and intends to produce molybdenum as a by-product.

3. United States

Mine production: 49,000 MT

The US bumped up its molybdenum production by 13 percent in 2020 compared to the previous year.

As mentioned, the metal is often produced as a by-product of copper and other metals, and that’s evident when looking at US output stats. In 2020, molybdenum was produced at nine mines in the country, but was a primary product at just two of them. One such primary molybdenum operation is Freeport-McMoRan’s (NYSE:FCX) Climax and Henderson mines in Colorado.

According the US Geological Survey, the rise in American molybdenum production was due in large part to a by-product mine in Utah that increased its output by more than 60 percent. The higher amount of metal coming out of the Utah operation “offset the production delays caused by the global COVID-19 pandemic at other molybdenum producers.”

4. Peru

Mine production: 30,000 MT

Coming in fourth on this list of molybdenum producers is Peru, which has seen rising production in the past few years, reporting 2019 output of 26,000 MT in comparison to 30,000 MT in 2020.

The Peruvian Ministry of Energy and Mines expects mining investment in the country to grow by 21 percent in 2021 over the previous year to reach US$5.2 billion, before climbing further to US$6 billion in 2022. That could be good news in disguise for molybdenum which, as noted, is often produced as a by-product of copper and other metals. One major molybdenum-producing mine in Peru is Freeport-McMoRan’s Cerro Verde mine, which is primarily a copper producer.

5. Mexico

Mine production: 17,000 MT

Molybdenum production in Mexico has seen peaks and troughs over the last decade, Statista data indicates. However, in the past three years, the country’s output has risen by 5,000 MT to reach 17,000 MT in 2020. One major molybdenum-producing mine in the country is La Caridad, which belongs to privately owned Grupo Mexico. The mine produces molybdenum as a by-product of copper.

6. Armenia

Mine production: 7,000 MT

Armenia’s molybdenum production has remained relatively stable over the past few years, but ticked up slightly from 6,300 MT in 2019 to 7,000 MT in 2020. CRONIMET Mining subsidiary Zangezur Copper Molybdenum Combine runs Kajaran, the country’s largest copper-molybdenum mine.

7. Iran

Mine production: 3,500 MT

Iran is another molybdenum producer whose output levels have remained relatively flat in the recent past, with production coming in at 3,500 MT since 2016.

Little information is available on molybdenum in Iran, and that may be because in 2012 the Iranian government banned exports of molybdenum concentrate in an effort to “support national production.” It banned exports of about 50 aluminum, petrochemical and other products at the same time.

8. Russia

Mine production: 2,800 MT

Overtaking Canada for eighth place on this molybdenum producers list is Russia. The US Geological Survey provides only an estimate on Russian molybdenum output. For 2020, it suggests that the country put out 2,800 MT of the metal, on par with the previous year. A company called SMR that is part of EN+ Group bills itself as Russia’s only fully integrated molybdenum producer, and the largest ferromolybdenum producer in the country in terms of volume.

It’s worth noting that Russia retains much of its molybdenum for domestic projects. A report from Emerging Markets notes that Russian nuclear reactors are specifically designed to use a type of molybdenum only produced within the country.

9. Canada

Mine production: 2,700 MT

Canada’s molybdenum production fell significantly in 2020, coming in at 2,700 MT after the nation posted production of 3,900 MT the previous year.

The BC-based Endako mine, owned by Centerra Gold (TSX:CG,NYSE:CGAU), used to be a key molybdenum producer in the country, but is now on care and maintenance. Another Canadian source of molybdenum is Taseko Mines’ (TSX:TKO,NYSEAMERICAN:TGB) Gibraltar mine.

10. Mongolia

Mine production: 1,800 MT

Finally, Mongolia’s molybdenum production has remained roughly stagnant over the past five years.

Similar to Iran, little information on molybdenum in Mongolia is available. One company with a molybdenum project in the country is Erdene Resource Development (TSX:ERD,OTC Pink:ERDCF), which holds the Zuun Mod molybdenum-copper project in the country.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

The post Top Molybdenum Producers by Country appeared first on Investing News Network.

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International

This country became first in the world to let in tourists passport-free

Singapore has been on a larger push to speed up the flow of tourists with digital immigration clearance.

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In the fall of 2023, the city-state of Singapore announced that it was working on end-to-end biometrics that would allow travelers passing through its Changi Airport to check into flights, drop off bags and even leave and exit the country without a passport.

The latter is the most technologically advanced step of them all because not all countries issue passports with the same biometrics while immigration laws leave fewer room for mistakes about who enters the country.

Related: A country just went visa-free for visitors with any passport

That said, Singapore is one step closer to instituting passport-free travel by testing it at its land border with Malaysia. The two countries have two border checkpoints, Woodlands and Tuas, and as of March 20 those entering in Singapore by car are able to show a QR code that they generate through the government’s MyICA app instead of the passport.

A photograph captures Singapore's Tuas land border with Malaysia.

Here is who is now able to enter Singapore passport-free

The latter will be available to citizens of Singapore, permanent residents and tourists who have already entered the country once with their current passport. The government app pulls data from one's passport and shows the border officer the conditions of one's entry clearance already recorded in the system.

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While not truly passport-free since tourists still need to link a valid passport to an online system, the move is the first step in Singapore's larger push to get rid of physical passports.

"The QR code initiative allows travellers to enjoy a faster and more convenient experience, with estimated time savings of around 20 seconds for cars with four travellers, to approximately one minute for cars with 10 travellers," Singapore's Immigration and Checkpoints Authority wrote in a press release announcing the new feature. "Overall waiting time can be reduced by more than 30% if most car travellers use QR code for clearance."

More countries are looking at passport-free travel but it will take years to implement

The land crossings between Singapore and Malaysia can get very busy — government numbers show that a new post-pandemic record of 495,000 people crossed Woodlands and Tuas on the weekend of March 8 (the day before Singapore's holiday weekend.)

Even once Singapore implements fully digital clearance at all of its crossings, the change will in no way affect immigration rules since it's only a way of transferring the status afforded by one's nationality into a digital system (those who need a visa to enter Singapore will still need to apply for one at a consulate before the trip.) More countries are in the process of moving toward similar systems but due to the varying availability of necessary technology and the types of passports issued by different countries, the prospect of agent-free crossings is still many years away.

In the U.S., Chicago's O'Hare International Airport was chosen to take part in a pilot program in which low-risk travelers with TSA PreCheck can check into their flight and pass security on domestic flights without showing ID. The UK has also been testing similar digital crossings for British and EU citizens but no similar push for international travelers is currently being planned in the U.S.

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Analysts issue unexpected crude oil price forecast after surge

Here’s what a key investment firm says about the commodity.

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Oil is an asset defined by volatility.

U.S. crude prices stood above $60 a barrel in January 2020, just as the covid pandemic began. Three months later, prices briefly went negative, as the pandemic crushed demand.

By June 2022 the price rebounded all the way to $120, as fiscal and monetary stimulus boosted the economy. The price fell back to $80 in September 2022. Since then, it has bounced between about $65 and $90.

Over the past two months, the price has climbed 15% to $82 as of March 20.

Oil prices often trade in a roller-coaster fashion.

Bullish factors for oil prices

The move stems partly from indications that economic growth this year will be stronger than analysts expected.

Related: The Fed rate decision won't surprise markets. What happens next might

Vanguard has just raised its estimate for 2024 U.S. GDP growth to 2% from 0.5%.

Meanwhile, China’s factory output and retail sales exceeded forecasts in January and February. That could boost oil demand in the country, the world's No. 1 oil importer.

Also, drone strokes from Ukraine have knocked out some of Russia’s oil refinery capacity. Ukraine has hit at least nine major refineries this year, erasing an estimated 11% of Russia’s production capacity, according to Bloomberg.

“Russia is a gas station with an army, and we intend on destroying that gas station,” Francisco Serra-Martins, chief executive of drone manufacturer Terminal Autonomy, told the news service. Gasoline, of course, is one of the products made at refineries.

Speaking of gas, the recent surge of oil prices has sent it higher as well. The average national price for regular gas totaled $3.52 per gallon Wednesday, up 7% from a month ago, according to the American Automobile Association. And we’re nearing the peak driving season.

Another bullish factor for oil: Iraq said Monday that it’s cutting oil exports by 130,000 barrels per day in coming months. Iraq produced much more oil in January and February than its OPEC (Organization of Petroleum Exporting Countries) target.

Citigroup’s oil-price forecast

Yet, not everyone is bullish on oil going forward. Citigroup analysts see prices falling through next year, Dow Jones’s Oil Price Information Service (OPIS) reports.

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The analysts note that supply is at risk in Israel, Iran, Iraq, Libya, and Venezuela. But Saudi Arabia, the UAE, Kuwait, and Russia could easily make up any shortfall.

Moreover, output should also rise this year and next in the U.S., Canada, Brazil, and Guyana, the analysts said. Meanwhile, global demand growth will decelerate, amid increased electric vehicle use and economic weakness.

Regarding refineries, the analysts see strong gains in capacity and capacity upgrades this year.

What if Donald Trump is elected president again? That “would likely be bearish for oil and gas," as Trump's policies could boost trade tension, crimping demand, they said.

The analysts made predictions for European oil prices, the world’s benchmark, which sat Wednesday at $86.

They forecast a 9% slide in the second quarter to $78, then a decline to $74 in the third quarter and $70 in the fourth quarter.

Next year should see a descent to $65 in the first quarter, $60 in the second and third, and finally $55 in the fourth, Citi said. That would leave the price 36% below current levels.

U.S. crude prices will trade $4 below European prices from the second quarter this year until the end of 2025, the analysts maintain.

Related: Veteran fund manager picks favorite stocks for 2024

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International

Disney remote jobs: the most magical WFH careers on earth?

Disney employs hundreds of thousands of employees at its theme parks and elsewhere, but the entertainment giant also offers opportunities for remote w…

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The Walt Disney Co. (DIS)  is a major entertainment and media company that operates amusement parks, produces movies and television shows, airs news and sports programs, and sells Mickey Mouse and Star Wars merchandise at its retail stores across the U.S.

While most of the jobs at the multinational entertainment conglomerate require working with people — such as at its theme parks, film-production facilities, cruise ships, or corporate offices — there are also opportunities for remote work at Disney. And while remote typically means working from home, with Disney, it could also mean working in a non-corporate office and being able to move from one location to another and conduct business outside normal working hours.

Related: Target remote jobs: What type of work and how much does it pay?

What remote jobs are available at Disney?

Many companies, including Disney, have called employees to return to the office for work in the wake of the COVID-19 pandemic, and the bulk of the company’s positions are forward-facing, meaning they involve meeting with clients and customers on a regular basis. 

Still, there are some jobs at the “most magical company on earth” that are listed as remote and don’t require frequent in-person interaction with people, including opportunities in data entry and sales.

While thousands work in forward-facing positions, such as greeting customers at Disney’s theme parks around the world, there are some positions with the Walt Disney Co. that allow work to be done remotely.

Orlando Sentinel/Getty Images

On Disney’s career website, there are limited positions available where the work is completely remote. One listing, for example, is for a “graphics interface coordinator covering sporting events.” This role involves working on nights, weekends, and holidays — times when corporate offices tend to be closed — and it may make sense for the company to hire people who can work from home or to travel and work in a location separate from the game venue.

Some of the senior roles that are shown on the website involve managers who can oversee remote teams, whether that be in sales or data. Sometimes, a supervisor overseeing staff who work outside corporate offices may be responsible for hiring freelancers who work remotely.

On the employment website Indeed, there are limited positions listed. A job listing for a manager in enterprise underwriting for a federal credit union indicates weekend duty, working outside of an 8 a.m. to 5 p.m. schedule, and being able to work in different locations. The listed annual salary range of $84,960 to $132,000, though, is well above the national annual average of around $50,000.

Internationally, Disney offers remote work in India, largely in the field of software development for its India-based streaming platform, Disney+ Hotstar.

The company also offers some hybrid schemes, which involve a mixture of in-office and remote work. For a mid-level animator position based in San Francisco, the role would involve being in the office and working from home occasionally.

How much do remote jobs at Disney pay?

Pay for remote jobs at Disney varies significantly based on location. A salary for a freelance artist in New York City, for example, may be higher than for the same job in Orlando, Florida. 

Disney lists actual salary ranges in some of its job postings. For example, the yearly pay for a California-based compensation manager who works with clients is $129,000 to $165,000.

In an online search for “remote jobs at Disney,” results range from $30 to $39 an hour, for data entry, or $28.50 to $38 an hour for social media customer support.

How can I apply for remote jobs at Disney?

You can look for remote jobs on Disney's career site, and type “remote” in the search field. Listings may also appear on career-data websites, including Indeed and Glassdoor.

How many employees does Disney have?

In 2023, Disney employed about 225,000 people globally, of which around 77% were full-time, 16% part-time, and 7% seasonal. The majority of the workers, around 167,000, were in the U.S.

Disney says that a significant number of its employees, including many of those who work at its theme parks, along with most writers, directors, actors, and production personnel, belong to unions. It’s not immediately known how many remote workers at the company, if any, are union members. 

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