Molycorp reports increased sales volume in 2013

March 4, 2014

Molycorp, Inc., a US based producer of rare earths, has reported that for its full year 2013 the volume of sales increased 42% to 13,118 mt, when compared to 2012 figures. Net revenue for the year was stated as $554.4 million, a 5% increase compared to the previous year. The increase in revenues was largely driven by increased volume sales within its Magnetic Materials and Alloys segment, and its Rare Metals segment, the company added. Despite the increase in sales Molycorp generated a gross loss of $67.2 million for the full year 2013. 

Molycorp announced that it had achieved a significant milestone in 2013 with the completion of commissioning and the operational start-up of the Chlor-Alkali plant at its Mountain Pass, California, rare earth facility. That plant utilises recycled wastewater from Mountain Pass operations to produce chemical reagents used in rare earth production.

“Putting our Chlor-Alkali plant into operation is a major milestone. Producing our own chemical reagents and reducing our water discharge will lower our costs, and this unit further reduces the environmental footprint of rare earth production at Mountain Pass,” stated Molycorp President and CEO Geoff Bedford. “It will play a key role in helping us achieve operating break-even cash flow, before interest, this year.”

Molycorp lists 26 locations across 11 countries and has more than 2,700 employees. Through a joint venture with Daido Steel and Mitsubishi Corporation, called Intermetallics Japan, the company manufactures sintered NdFeB permanent rare earth magnets.   

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