Molycorp (MCP) CEO Smith Bullish on Mountain Pass; Says Project Moving at 'Lightning Speed'
Tweet
Share
E-mail
Get Alerts MCP Hot Sheet
Join SI Premium – FREE
Molycorp (NYSE: MCP) shares are looking strong Wednesday following reports the company's CEO is confident in the progress at its Mountain Pass project.
According to Bloomberg, CEO Mark Smith said the Mountain Pass project is moving along at "lightning speed." The project has 425 contractors on site, and that figure is expected to increase to 600 within 30 to 45 days.
Smith said Molycorp is also looking at every possibility to move the timeline on the project up, with phase one currently slated to be completed by July 2012.
Some concerns have been raised over the last several weeks following the decline in rare earth prices, but Smith said supply/demand fundamentals are still bullish on pricing moving forward. Smith doesn't see cerium or lanthanum to be excluded from the next round of rare earth quotas despite reports from Japanese buyers in recent media.
The exec said the company is very active in M&A and is seeing a number of "very good" opportunities right now.
Molycorp shares are up 2.3 percent Wednesday, rebounding from a severe drop Tuesday as J.P. Morgan became bearish on Molycorp's potential.
According to Bloomberg, CEO Mark Smith said the Mountain Pass project is moving along at "lightning speed." The project has 425 contractors on site, and that figure is expected to increase to 600 within 30 to 45 days.
Smith said Molycorp is also looking at every possibility to move the timeline on the project up, with phase one currently slated to be completed by July 2012.
Some concerns have been raised over the last several weeks following the decline in rare earth prices, but Smith said supply/demand fundamentals are still bullish on pricing moving forward. Smith doesn't see cerium or lanthanum to be excluded from the next round of rare earth quotas despite reports from Japanese buyers in recent media.
The exec said the company is very active in M&A and is seeing a number of "very good" opportunities right now.
Molycorp shares are up 2.3 percent Wednesday, rebounding from a severe drop Tuesday as J.P. Morgan became bearish on Molycorp's potential.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nvidia makes minority investment in Cloverleaf Infrastructure
- AAON rebrands its enterprise identity as The Aaon Group
- Space-Eyes names four directors ahead of planned Nasdaq listing
Create E-mail Alert Related Categories
Corporate News, Insiders' BlogRelated Entities
JPMorganSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
