Molycorp CEO says rare earth demand, prices recovering from lows

|By:, SA News Editor

Molycorp (MCP) -3.1% AH after missing Q3 earnings and revenue estimates but says demand and prices for rare earth products are recovering from the "worst quarter we have seen in recent memory."

A Chinese government crackdown on illegal mining and smuggling of rare earths has helped "a semblance of stability" return to industry demand and prices, interim CEO Constantine Karayannopoulos says.

Q3 revenue fell to $149M from $205M in the year-ago quarter but rose 9% Q/Q.

The $1.25B expansion of MCP's main mine, Mountain Pass in California, remains on track for full commissioning in the current quarter.