Molycorp (MCP) Rises as China Halves Production Quota for FY13

January 7, 2013 7:20 AM EST
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Molycorp (NYSE: MCP) shares re ticking higher early amid new 2013 rare earth quotas set in China over the weekend.

According to China's Ministry of Land and Resources (MLR), the first production quota for minerals used in hybrid autos, mobile devices, and more, will be set at 46,900 metric tons. That is about half the total quota for 2012, Bloomberg noted this morning. Though last years quota wasn't given, production totaled 93,800 tons in 2011.

China's MLR also set production for tungsten concentrate at 43,500 tons and antimony at 37,680 tons.

Production for the rest of the year will be set in the second quarter, according to the MLR.

Molycorp is up 3 percent in early trading Monday.

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