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Tuesday, Oct 15
Molycorp sees negative cash flow in Q3, shares -13.8%
- Molycorp (MCP) -13.8% premarket after disclosing it expects to generate significantly lower than expected revenue and cash flow, and plans to raise additional financing to ensure adequate funding for capital needs, debt service and other working capital needs.
- MCP says its cash cushion has dwindled to a level below what it considers sufficient to ensure no substantial concern about the ability to finance.
- MCP also says it will be unable to sell a substantial portion of the cerium production from its main mine, Mountain Pass in California, in 2014.