Swiss based “Blackstone Resources” announced that they have started drilling explorations in Mongolia. The company will make up to 2,000 meters deep drilling at “Shar tolgoi”, “Ar nuur”, “Suvanga” where they hold exploration licenses.

Historically these ores have reserves in Molybdenum, Copper and Gold. Studies showed that there were at least 0.5 million tons of Molybdenum reserves. Drilling and magnetic field studies could increase reserve estimations according to “Blackstone Resources”.

“Blackstone Resources” is a joint stock company listed on the Swiss stock exchange with a market capitalization of CHF 251.9 million or USD 252.4 million. The company’s share value fell by over 50 percent in the last year. The company’s main operation is in the mining of metals such as Cobalt, Molybdenum, Lithium that are used in the manufacturing of electric vehicle batteries. They have started a research project on creating new battery technologies.

Source: BloombergTv.mn