Wednesday, December 8, 2010

"Molycorp to ship half its rare earths to Japan in 2010 - Nikkei" (MCP)

The stock has been giving back some of the gains from the big gap up on Monday, currently down $1.26 at $31.19.
From Reuters:
Molycorp Inc (MCP.N) plans to export half its global shipments of rare-earth metals to Japan this year, chief executive officer Mark Smith told the Nikkei business daily in an interview on Tuesday.

The U.S. firm will supply more than 10 manufacturers in Japan -- its most important market -- with about 1,500 tons of rare earths with about 750 tons sold via Mitsubishi Corp (8058.T), Smith told the paper.
He added that Molycorp plans to resume output at its Mountain Pass mine in California, with some production beginning as early as this year.

Going forward, Molycorp will supply mainly Japan with magnet-use rare-earth metals, Smith said in the interview....MORE