Thompson Creek Metals Co., the operator of two molybdenum mines in North America, rose the most in 17 months after a report that China is preparing to classify the metal as a so-called national mining resource.
The move by China would limit the mining of the metal starting next year, the China Securities Journal reported today, citing an unidentified person. Molybdenum is used in steelmaking.
China this year curbed exports of rare-earth metals, a group of metallic elements used in petroleum refining, fiber- optic transmission, and military radar and missile-guidance systems. Rare-earth prices jumped following the move.
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