Molycorp announces completion of capital raise for its $781 million rare earth expansion and modernisation project

June 20, 2011

Molycorp, Inc., the Western hemisphere’s only producer of rare earth oxides, has announced that it has secured the final funds necessary for its $781 million expansion and modernisation project at its rare earth facility in Mountain Pass, California. Full funding of the capital plan of Project Phoenix is a major milestone in Molycorp’s overall rare earth ‘mine-to-magnets’ business plan, stated the company.

“Project Phoenix is now fully funded, and we remain on time and on budget for both Phase 1 and Phase 2 of this estimated $781 million expansion and modernization project,” reported Mark A. Smith, President and Chief Executive Officer of Molycorp, Inc. “Beginning next year, we expect to significantly ramp up production of 10 different high-purity rare earth oxides – light and heavy rare earths – as well as a variety of rare earth metals, alloys, and permanent rare earth magnets. We also remain on track to emerge as the world’s lowest-cost manufacturer of rare earth oxides, which will be a particularly powerful growth driver for our downstream manufacturing operations,” he continued.

When Phase 1 of Project Phoenix is completed, which is expected to occur next year, Molycorp’s manufacturing assets will comprise the world’s first fully integrated rare earth manufacturing supply chain, producing high-purity rare earth oxides, metals, alloys, and neodymium-iron-boron (NdFeB) permanent magnets.

“Our high-grade resource, our proprietary low-cost materials processing technology, and our ability to capture high margins through vertical integration puts Molycorp in a strong position to capitalize on growth in global rare earth demand and increasingly tight markets for these critical materials,” Smith said. “In addition, recent acquisitions have enabled us to manufacture rare earth metals and neodymium-iron-boron and samarium-cobalt alloys, which has moved us closer to realising our full ‘mine-to-magnets’ business plan.”

www.molycorp.com 

Edited by: Paul Whittaker, Editor ipmd.net, [email protected]   

News | Articles | Market reviews | Search directory | Subscribe to e-newsletter

 

www.ipmd.net

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Burgess-Norton and Amsted Automotive: How a legacy automotive supplier is growing with, not despite, electrification
  • Meeting sustainability demands in PM: High-temperature sintering of nickel- and copper-free powder mixtures for low alloyed PM parts
  • World PM2022: An overview of the status and trends in the global PM industry
  • A novel approach for the production of metal powders with tailored chemical compositions: Amazemet’s rePowder
  • Productivity, flexibility, reliability: SACMI’s new press technologies for the changing PM industry
  • Understanding the thermal properties of metal powders: Characterisation of powders using the Hot Disk technique
  • World PM2022: Views on the potential of Field Assisted Sintering for advanced materials

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

From the industry…

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

 

Browse the archive

 

Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
Download PDF
Share via
Copy link