MCP is trading up 36 cents at $31.01.
Molycorp has formed a joint venture with Daido Steel and Mitsubishi to manufacture next generation NdFeB permanent rare earth magnets
Molycorp, Daido Steel, and Mitsubishi have formed a joint venture to manufacture and sell next-generation neodymium-iron-boron (NdFeB) permanent rare earth magnets, producing greater performance with less reliance on dysprosium.
The joint venture will be financed by the three companies and by a government subsidy sponsored by Japan's Ministry of Economy, Trade, and Industry.
The effort will utilize Daido's commercial-scale magnet manufacturing technologies, Mitsubishi's domestic and international marketing and sales network, and Molycorp's rare earth oxide, metal and alloy manufacturing capabilities, according to Molycorp.
Target markets for the joint venture are the automotive and home appliance markets. "The joint venture has been provisionally awarded a supply agreement for a next-generation electric vehicle with a major automotive manufacturer," Molycorp advised....MORE