Molycorp (MCP +10.5%) skies on the announcement of a joint venture with Daido Steel and...

|By:, SA News Editor

Molycorp (MCP +10.5%) skies on the announcement of a joint venture with Daido Steel and Mitsubishi to produce and sell "next-generation neodymium-iron-boron permanent rare earth magnets." The production will make use of a new technology allowing greater magnet performance with less reliance on the scarce rare earth dysprosium. End users will be the automotive and home appliance industries. (PR)