Molycorp to end rare earth production at Mountain Pass
September 14, 2015
Molycorp, Inc. has announced that it will end production of rare earths at its Mountain Pass facility in Calilfornia, USA, by October 20, 2015. The move follows the company’s statement in June this year that it had filed for Chapter 11 bankruptcy protection to restructure $1.7 billion of debt.
Molycorp stated that it will transition its Mountain Pass rare earth facility to a ‘care and maintenance’ mode while it plans to continue serving its rare earth oxide customers via its production facilities in Estonia and China.
Rare earth pricing, which has declined dramatically over the past four years, was a named as a key factor in the decision to suspend rare earth production at the site. Customers of the company’s rare earth magnetic materials, as well as its rare earth-based water treatment products, will not be impacted, the company stated.