Earlier this week rumors that Molycorp (NYSE:MCP) was going to start actively producing at Mountain Pass mine were circulating, but have been found out to be untrue, as officials from the company said it won't be until the latter part of 2011 at earliest before they start mining, and possibly not until 2012.
CNBC’s (NYSE:GE) Brian Shactman cited Molycorp representatives, saying that “although they’ve started the process of pre-stripping they are many months away from getting the ore out of the ground."
Even though China announced today they're starting to cut back on rare earth exports, this news will weigh on Molycorp, and probably be more of a negative impact than the positive of increasing demand outside of China, which represents 97 percent of the rare earths market at this time.
[MCP] POP GOES THE WEASEL!
ReplyDeleteEPA: Molycorp Questa Mine Environmental Disaster
Jim Cramer could be right by suggesting during 'Lightning Round' that [MCP] is "to hot to handle" in light of the EPA; PDF online file...
'Site-In Proposed Cleanup Plan for Molycorp, Inc. Site in Questa'
CLEANUP! See page 22+
Somebody, please follow up with more information regarding any charges the high flying rare earth play may incur, in New Mexico.