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[Ferro-Alloys.com]A Lakewood molybdenum company says it expects rising prices for the mineral in the near future.

General Moly Inc. (NYSE: GMO) said its research indicates that molybdenum prices — currently around $8.65 per pound — will rise to $9 a pound by next year and to $12.81 in the next five years.

"Steel demand in China and worldwide has rebounded strongly in 2017 underpinning molybdenum demand. ... In the United States and around the world, oil and gas drilling activity requiring moly-reinforced steel has bounced back to over 2,000 operating rigs, a level last seen two years ago," said Bruce Hansen, CEO, in a statement.

General Moly is trying to develop the Mt. Hope molybdenum project in Nevada.

On Monday, the company reported a third-quarter loss of $2.2 million, or a loss of 2 cents per share.

Last year, General Moly, which employs 15 people, according to Yahoo Finance, said AMER International Group of China bought a majority of the company.

• [Editor:Jiang Li Juan ]