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Even with Trump minerals order, US miners seen trailing China

By: Reuters     23rd December 2017 Even if Donald Trump’s initiative on 'critical minerals' strengthens the US mining industry, domestic companies would still struggle to compete with low-cost Chinese competitors, according to Bloomberg Intelligence. The president signed an executive order this week to identify new US sources of... 

Oaktree's Molycorp legacy firm is said to weigh IPO, sale

By: Bloomberg     27th September 2017 Advanced materials producer Neo Performance Materials, carved from the remains of bankrupt Molycorp, is weighing an initial public offering (IPO) or an outright sale, according to people familiar with the matter. Neo Performance, backed by investment firm Oaktree Capital Group, has not... 

Rising prices signal end of ‘hand-to-mouth’ CREE market 

By: Henry Lazenby     22nd August 2017 Higher prices for critical rare earth elements (CREE) are marking a return of confidence to the industry and the end of the so-called “hand-to-mouth” market as users increasingly turn to contracting to secure long-term security of supply. “For several years users were unsure about the market... 

Trump urged by CEO to nationalise the only US rare-earths mine

By: Bloomberg     19th July 2017 The head of an advanced-materials manufacturer said he met with President Donald Trump’s chief strategist, Steve Bannon, on Monday to persuade him that the US should nationalise the country’s only mine of rare earth minerals, which are used in military applications. “The staff understood the... 

Peak sets sights on idled US rare earths mine

By: Esmarie Swanepoel     26th April 2017 ASX-listed Peak Resources has revealed that it is in discussions with ERP Strategic Minerals to possibly collaborate on the Mountain Pass rare earths project, in California. ERP has entered a bid to purchase the Mountain Pass project from the administrators of Molycorp Minerals, which has applied... 

In strategy turnaround, China expected to ramp up REE output to regain pricing control

By: Henry Lazenby     6th October 2016 The Chinese government is expected to ramp up rare earth element (REE) exports in a bid to regain control over pricing policy, according to a new report by market intelligence firm BMI Research. This is expected to be a reversal of the government's previous export-restrictive strategy to control... 

Molycorp another step closer to emerging from Chapter 11 protection

By: Henry Lazenby     1st April 2016 The US Bankruptcy Court for the District of Delaware has confirmed the fourth joint amended plan of reorganisation filed by bankrupt US rare earths producer Molycorp, marking one of the final steps before the company will be able to emerge from Chapter 11 protection as a newly reorganised... 

Burst bubbles offer salutary lessons for mining industry

By: Simon Rees     21st March 2016 Speculative bubbles offered useful templates for those seeking to identify new ones through which value can be realised before their inevitable burst, newsletter writer Mickey Fulp told an audience at the recent Prospectors and Developers Association of Canada conference. But bubbles also acted... 

Flowsheet selection paying off in pilot phase

By: Nadine James     15th January 2016 ASX-listed development company Peak Resources – which has started piloting beneficiation at its Tanzania-based Ngualla pilot plant – is so far “well-pleased” with its flowsheet selection, which allows for lower operating costs and the potential improvement of the leach recovery process, says MD... 

Molycorp files two-tracked plan to emerge from bankruptcy

By: Henry Lazenby     4th November 2015 North America’s only commercial rare earths producer on Tuesday filed a joint plan of reorganisation with US securities regulators that could see it emerge from Chapter 11 bankruptcy protection as either a restructured entity, or by selling its assets. “If approved, the plan would help to... 

Molycorp to close Mountain Pass facility in October 

By: Henry Lazenby     26th August 2015 North American rare earths producer Molycorp will close its Mountain Pass rare-earth facility, in California, on October 20. Molycorp, which operated Mountain Pass, the largest rare earths mine outside of China, and its processing facility, had on June 25, along with its subsidiaries in North... 

Peak Resources sees bright future for Tanzania magnet metals project

By: Chanel de Bruyn     31st July 2015 A focus on high-value rare earths and the use of a tailor-made beneficiation process bodes well for Tanzania-focused Peak Resources. The ASX-listed company is developing the Ngualla rare earths project, which contains high-grade neodymium and praseodymium mineralisation. 

Molycorp secures court approval for final $130m DIP financing

By: Henry Lazenby     23rd July 2015 Bankrupt US rare earths producer Molycorp on Wednesday proceeded with its Chapter 11 reorganisation process and received court approval for an improved debtor-in-possession (DIP) financing package provided by Oaktree Capital Management. NYSE-listed Molycorp, which billed itself as the only global... 

Rare earths price recovery seen muffled by excess supply

By: Reuters     9th July 2015 An expected bounce in hard-hit rare earth prices later this year will be vulnerable to a glut of supplies, including from illicit mines and smuggling in dominant producer China. The outlook will weigh on miners such as Molycorp, the only US supplier of rare earths, which filed for Chapter 11... 

Molycorp defers second interest payment in 2 weeks

By: Henry Lazenby     15th June 2015 US rare earths producer Molycorp on Monday deferred making a second interest payment in two weeks. The Greenwood Village, Colorado-based miner said that it would take advantage of a 30-day grace period on a $3.36-million semi-annual interest payment related to its 3.25% senior unsecured... 

Molycorp expected to file for bankruptcy after missing payment

By: Henry Lazenby     1st June 2015 US rare earths producer Molycorp’s NYSE-listed stock fell by as much as 21% after the embattled company announced that it would miss a $32.5-million twice-yearly interest payment owed on Monday on its 10% senior secured notes due 2020. The nonpayment triggered a 30-day grace period, which certain... 

Molycorp stocks slide following wider Q1 loss, further financing needs

By: Henry Lazenby     8th May 2015 US integrated rare earths producer Molycorp’s NYSE-listed stock on Thursday slid 12.5% after the company reported a wider-than-expected first-quarter loss and confirmed that it would require further financing this year to meet its business plan and obligations as they became due. NYSE-listed... 

Molycorp stock falls on reporting Q4, FY loss

By: Henry Lazenby     17th March 2015 US rare earths producer Molycorp’s NYSE-listed stock on Monday fell more than 16.2% after the company reported that it had failed to make a profit for the third consecutive year. Greenwood Village, Colorado-based Molycorp reported a full-year 2014 net loss attributable to common stockholders of... 

Lower prices spur rare earths consumption, supply remains constrained – USGS

By: Henry Lazenby     14th February 2015 Lower rare earths prices and the increased availability of rare-earth compounds led to increased US consumption in 2014, the US Geological Survey (USGS) has found. However, in its latest mineral commodity summary for the abundant group of 17 elements composed of scandium, yttrium and the... 

Molycorp stock slides on disappointing earnings

By: Henry Lazenby     6th November 2014 US rare earths producer Molycorp’s NYSE-listed stock on Wednesday slid more than 19% in after-market trading following the publication of disappointing third-quarter results. Greenwood Village, Colorado-based Molycorp reported a net loss of $105.2-million, or $0.47 a share, for the three months... 

Global REE supply threatened after reports that 40% of Chinese supply is illegal

By: Henry Lazenby     21st October 2014 China, the world's most prolific producer of rare earth elements (REE),  has revealed that 40% of its supply is from illegally mined sources in the country, market-focused research house Benchmark Mineral Intelligence analyst Simon Moores reported on Tuesday. Industrial Minerals Company of... 

Molycorp completes commissioning of rare earth cracking plant

By: Henry Lazenby     19th December 2013 Greenwood Village, Colorado-based Molycorp, North America’s sole rare earths elements producer, on Thursday announced that the final unit of its multi-stage cracking plant at its flagship Mountain Pass mine, had now completed commissioning and was operational. The cracking plant was part of a... 

Molycorp widens loss, sees a flicker of market improvement

By: Henry Lazenby     8th November 2013 North America’s only rare earth elements producer Molycorp, which operates its flagship Mountain Pass mine, in California, had widened its third-quarter loss as revenue dwindled year-on-year on lower sales and prices. For the three months ended September 30, Molycorp reported a loss of... 

Molycorp warns market of possible negative Q3 cash flow, shares dive

By: Henry Lazenby     15th October 2013 US-based rare-earth elements producer Molycorp on Tuesday warned that its expected third-quarter cash-flow requirements might be insufficient to meet its capital expansion and operating expenditures at its flagship Mountain Pass mine, in California, prompting it to announce a $200-million stock... 

Molycorp names next president and CEO

By: Henry Lazenby     8th October 2013 US-based rare earth elements producer Molycorp on Tuesday named 14-year rare earth industry veteran and COO Geoff Bedford as its new president and CEO effective from December 2, to replace Constantine Karayannopoulos who was appointed interim president and CEO in December 2012. Bedford (47)... 

Molycorp shares jump as it completes chloralkali plant

By: Henry Lazenby     2nd October 2013 The NYSE-listed shares of North American rare earths producer Molycorp jumped 13%on Wednesday morning after the company announced that construction of its chloralkali plant at its flagship Mountain Pass operation, in California, is complete. The chloralkali plant would recycle wastewater and... 

Rare earths producers on the up as China is likely to buy next month

By: Henry Lazenby     24th September 2013 The stocks of North American rare-earth elements companies rose on Tuesday on overnight news that China was indeed likely to start buying billions of yuan rare earth minerals next month to bolster its strategic reserves. Around noon, the NYSE-listed stock of Molycorp was up $0.58 to $7.77... 

Prices could jump if rumour of Chinese rare earths buying is true

By: Henry Lazenby     17th September 2013 Rare earths prices could jump if a rumour that China’s State Reserve Bureau (SRB) plans to start buying these critical metals soon is true, prompting shares of US rare earths producer Molycorp to rise $0.40 apiece in Tuesday morning on the NYSE. The China Securities Journal was quoted by the... 

Alternative rare earths remain elusive three years after curbs

By: Henry Lazenby     17th May 2013 Following the global economic downturn of 2008/9 and a series of events and press reports in 2010 that coined what some referred to as the “rare-earths crisis”, there has been a glut of new rare earths projects starting out, yet few have progressed up the value curve, and rare earths supplies in... 

Critical alternative rare earths sources remain elusive well after 2010 curbs 

By: Henry Lazenby     17th May 2013 Following the global economic downturn of 2008/09 and a series of events and press reports in 2010 that coined what some referred to as the “rare-earth crisis,” there has been a glut of new rare earths projects starting out, yet few have progressed up the value curve, and rare earths supplies in... 

Molycorp shares down on regulatory investigation

By: Henry Lazenby     9th November 2012 Shares of New York-listed Molycorp fell by 13.02% to $7.55 apiece on Friday after the miner disclosed in a Securities and Exchange Commission (SEC) filing it was under investigation by the SEC over the accuracy of its disclosures. The staff of the SEC notified the company in August that a formal... 

S&P’s downgrades Molycorp’s credit rating to CCC+

By: Henry Lazenby     13th August 2012 Ratings agency Standard & Poor’s (S&P’s) on Monday lowered its ratings on Colorado-based rare earths miner and processor Molycorp to ‘CCC+’ from ‘B’ and placed the ratings on CreditWatch with developing implications. The agency cited Molycorp’s recent indication that it expected cash flow from... 

Black Sea plans HREE plant in Turkey

By: Henry Lazenby     22nd June 2012 US-listed Black Sea Metals this week announced plans to build an $80-million heavy-rare-earth-element (HREE) processing plant in Turkey, which it said was the first such plant outside China. The company said this formed part of its business plan to transition from the exploration to the... 

Rare-earth projects report abundant resources

By: Henry Lazenby     20th June 2012 Brazil- and Latin America-focused phosphate and fertiliser producer MBAC Fertilizer on Tuesday said it had established a combined measured and indicated mineral resource of 6.34-million tons, grading 5.01% total rare-earth oxides for the Araxá project, in Brazil. 

HudBay cans $400m notes offering, cites market conditions

By: Matthew Hill     21st May 2012 Canada’s HudBay Minerals late on Friday said lousy market conditions caused it to call off the $400-million notes offering it had announced earlier in the week. Standard & Poor’s had given the proposed bonds a B rating, saying the TSX-listed base metals miner business risk profile was... 

Molycorp lifts Q1 adjusted profit, revenue triples

By: Henry Lazenby     11th May 2012 US-based rare-earth miner Molycorp on Thursday posted a 221% increase in adjusted earnings at $18.3-million or 18c a share, while it took a net loss of $3.47-million or 7c a share. The loss was the result of a one-time noncash expense of $6.6-million related to a foreign currency forward... 

Noront enters into C$10m private placement with RCF V

By: Henry Lazenby     25th April 2012 Mining junior Noront Resouces on Tuesday said it had entered into a C$10-million private placement with Resource Capital Fund V (RCF V) to advance development of its flagship Eagle’s Nest nickel/copper/platinum/palladium project in north-western Ontario’s ‘Ring of Fire’ district. RCF V had... 

Molycorp lifts Mountain Pass reserves 27%

By: Matthew Hill     9th April 2012 Rare earth producer Molycorp on Monday said it boosted reserves at its Californian Mountain Pass mine by 27% to 1.3-million tons of the metals in their oxide form. CEO Mark Smith said exploration drilling at the project could continue to grow reserves at the mine, which Molycorp is refurbishing... 

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