Molycorp (MCP) Shares Moving Lower as Reuters Says Sumitomo Can't Find Japanese Clients

June 17, 2011 11:02 AM EDT
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Reuters reporting Sumitomo Corp., the company whose recent $130 million financing agreement with Molycorp (NYSE: MCP) is currently delayed, is having issues finding Japanese customers for light rare earth materials.

Rumors suggest clients in Japan are cautious on the group as the potential for alternative sources.

After opening in positive territory, Molycorp shares are currently down 1.7 percent to $47.23.

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