Molycorp (MCP) Secures Mountain Pass, CA, Phase I Production
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Molycorp, Inc. (NYSE: MCP) reports that 78 percent of its Phase 1 rare earth production from its new Mountain Pass, California manufacturing facility, which comes online in 2012, has now been secured by signed customer agreements or has been committed to production of the Company's XSORBX water treatment products.
The company said it has entered into written agreements with customers covering 58% of its Phase I production, and has allocated an additional 20% to production of XSORBX, for a total of 78% of the 19,050 metric tons of rare earth oxide (REO) equivalent that it intends to produce annually under Phase 1 at its flagship Mountain Pass, California rare earth facility. Exact terms, prices, duration, and products covered by these agreements vary from customer to customer. Another six percent of Phase 1 production is in final stage discussions with customers, the company added.
Molycorp intends to sell its proprietary, cerium-based XSORBX™ water treatment products across four market segments: municipal water treatment, recreational/pool/spa water, industrial wastewater, and drinking water purification. The Company currently is selling XSORBX™ to commercial customers in the municipal wastewater treatment and recreational/pool/spa markets.
The company said it has entered into written agreements with customers covering 58% of its Phase I production, and has allocated an additional 20% to production of XSORBX, for a total of 78% of the 19,050 metric tons of rare earth oxide (REO) equivalent that it intends to produce annually under Phase 1 at its flagship Mountain Pass, California rare earth facility. Exact terms, prices, duration, and products covered by these agreements vary from customer to customer. Another six percent of Phase 1 production is in final stage discussions with customers, the company added.
Molycorp intends to sell its proprietary, cerium-based XSORBX™ water treatment products across four market segments: municipal water treatment, recreational/pool/spa water, industrial wastewater, and drinking water purification. The Company currently is selling XSORBX™ to commercial customers in the municipal wastewater treatment and recreational/pool/spa markets.
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