Molycorp (MCP) Sees Upside Ahead of Rare Earth Deposit Announcement
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Shares of Molycorp, Inc. (NYSE: MCP) are seeing pre-open action Tuesday following reports in the New York Times the company is set to announce a "so-called heavy rare earths" at a Dept. of Energy conference in Washington later today.
The ore deposit is near Mountain Pass, Calif. and would require very little strip mining, the CEO was quoted as saying.
"The company still needs to do extensive test drilling to determine the quality and quantity of the rare earth ore. But rather than wait for the test results, Mr. Smith acknowledged that Molycorp was announcing the deposit now partly to reassure manufacturers that adequate supplies of heavy rare earths would be available in the near future — in hopes of discouraging manufacturers from seeking alternative materials, as some have already begun to do."
MCP last traded at $31.76, up 5 percent from Monday's close.
Link to NY Times story
The ore deposit is near Mountain Pass, Calif. and would require very little strip mining, the CEO was quoted as saying.
"The company still needs to do extensive test drilling to determine the quality and quantity of the rare earth ore. But rather than wait for the test results, Mr. Smith acknowledged that Molycorp was announcing the deposit now partly to reassure manufacturers that adequate supplies of heavy rare earths would be available in the near future — in hopes of discouraging manufacturers from seeking alternative materials, as some have already begun to do."
MCP last traded at $31.76, up 5 percent from Monday's close.
Link to NY Times story
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