Molycorp (MCP) Ticks Higher Following Project Phoenix Start-Up Plans
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Molycorp (NYSE: MCP) shares are moving higher early Tuesday following an announcement earlier it will begin the sequential start-up of the new Project Phoenix rare earth manufacturing facility at its flagship Mountain Pass, California operation this week.
Molycorp also confirmed that it remains on track to achieve its full Phase 1 annual production rate of 19,050 mt of rare earth oxide equivalent by the end of the third quarter of 2012. The Company’s achievement of Phase 1 production will come three months ahead of the original Dec. 31, 2012 deadline that was set when the project was launched in 2010.
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Shares are about 2.5 percent higher Tuesday.
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Molycorp also confirmed that it remains on track to achieve its full Phase 1 annual production rate of 19,050 mt of rare earth oxide equivalent by the end of the third quarter of 2012. The Company’s achievement of Phase 1 production will come three months ahead of the original Dec. 31, 2012 deadline that was set when the project was launched in 2010.
For more color, click here.
Shares are about 2.5 percent higher Tuesday.
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