Molycorp (MCP) Pushes Forward Start-Up of New Plant at Mountain Pass
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Molycorp, Inc. (NYSE: MCP) announced plans today to accelerate by approximately three months the initial start-up of its state-of-the-art rare earth processing facility, now under construction at Mountain Pass, California.
Accelerating the facility's initial start-up will increase the company's estimated 2012 production by approximately 3,500 metric tons, to 8,000 - 10,000 metric tons, and will enable Molycorp to achieve its full Phase 1 production rate of 19,050 metric tons per year of rare earth oxide equivalent three months earlier than previously planned. In anticipation of the facility's accelerated start-up, Smith said Molycorp will commence mining and stockpiling of fresh rare earth ore next week.
The company’s Board of Directors has authorized an additional investment of $114 million, which includes contingency funds, to accelerate the facility’s start-up. The acceleration effort will be funded from current cash flow and existing cash balances.
Accelerating the facility's initial start-up will increase the company's estimated 2012 production by approximately 3,500 metric tons, to 8,000 - 10,000 metric tons, and will enable Molycorp to achieve its full Phase 1 production rate of 19,050 metric tons per year of rare earth oxide equivalent three months earlier than previously planned. In anticipation of the facility's accelerated start-up, Smith said Molycorp will commence mining and stockpiling of fresh rare earth ore next week.
The company’s Board of Directors has authorized an additional investment of $114 million, which includes contingency funds, to accelerate the facility’s start-up. The acceleration effort will be funded from current cash flow and existing cash balances.
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