(Bloomberg) -- Ivanhoe Australia Ltd., a unit of billionaire Robert Friedland’s Ivanhoe Mines Ltd., may become the world’s biggest supplier of rhenium used in jet engine turbine blades once production starts at its Merlin project.
The Merlin rhenium and molybdenum resource in Australia’s Queensland state contains metal worth $4.6 billion at today’s prices and is the world’s highest grade deposit of the two rare metals, Melbourne-based Ivanhoe said today in a statement.
Production may start in two years, Ivanhoe Australia’s Chief Executive Officer Peter Reeve said today in an interview. General Electric Co. and Rolls-Royce Group Plc are among the world’s biggest users of rhenium and Ivanhoe will seek long-term sales partners as development proceeds, Reeve said. The stock jumped to a nine-month high in Sydney trading.
“We can probably become the dominant supplier of rhenium in the world,” Reeve said in an interview by phone from Melbourne today. “We would try and tie up with a long-term end- user contract.”
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Monday, 20 April 2009
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