04 Apr '11, 4pm

Rare Earth Miner Molycorp Buys a European Front: Molycorp, the Cinderella of the mining industry, said today t...

Rare Earth Miner Molycorp Buys a European Front: Molycorp, the Cinderella of the mining industry, said today t...

Molycorp, the Cinderella of the mining industry, said today that it would buy 90 percent of AS Silmet, a European supplier of rare earth minerals. Once the transaction is complete, Silmet will take rare earth oxides from Molycorp's Mountain Pass, California mine and produce metals and oxides for sale to magnet manufacturers in Russia and Europe. In particular, Silmet will make didymium metal, used in magnets for electronics, wind turbines and other equipment. Molycorp bought the controlling stake in Silmet for $89 million. Back in 2008, Chevron spun off the Mountain Pass mine to Molycorp for $80 million. Molycorp held an IPO last year and has seen its stock climb from $13 a share to over $64. The company itself is now worth over $4 billion. Savor the irony. The insane increase in the value of Molycorp derives from a worldwide panic over the price and availability of rare e...

Full article: http://www.greentechmedia.com/articles/read/rare-earth-mi...

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