Molymet is the worldwide leading processor of molybdenum ore concentrates and also produces rhenium.

"This investment is a first step to secure our molybdenum powder supply," said Dr. Michael Schwarzkopf, chairman of the Plansee Group’s executive board. "With the acquisition of GTP in 2008 and the investment in Molymet we put things on the right track to strategically safeguard the supply of our most important raw materials molybdenum and tungsten."

Molymet, founded in 1975, has been a key supplier of Plansee Group for many years and Plansee plans to increase its Plansee’s share in the short-term.

Molymet employs 1400 people worldwide at six production sites.