Molycorp Minerals describes itself as the Western Hemisphere's only producer of rare earth oxides.The price of rare earth metals has appreciated markedly recently,and CEO Mark A. Smith says this is largely driven by an increased volume of sales at a time of tight supply and demand.
We really are not seeing any slowdown in China and India.We are right on schedule with our new mine.It is to be fully producing by the end of 2012.
Every person we talk to continues to indicate that China will continue to lower its export quota of rare earth metals.The number of opportunities in this business are more than I've seen in my 24 years in this business,Mr.Smith noted.
China supplies 97% of the world supply of these essential materials,but has been cutting back on exports for some time now.Rare earth metals are used in high tech applications such as fiber optics,lasers and hard disc drives,as well as hybrid vehicles,green energy,national security and water treatment applications.
Molycorp Minerals is headquartered in Greenwood Village,Colorado.
Molycorp Minerals(MCP)
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