Molycorp -5.3% AH as losses mount, revenues slide

|By:, SA News Editor

Molycorp (MCP) -5.3% AH after Q4 results show another quarter of losses and a 17% Y/Y drop in revenues attributed to a shifting product mix and lower prices for rare earth minerals and lower volumes of its magnetic powders.

FY 2013 revenues rose 5%, but negative cash flow from operations totaled $154M for the year and capital expenses totaled $379M; MCP forecasts 2014 capex will total $80M-$90M.

Says the chlor-alkali plant at its Mountain Pass, Calif., rare earth facility has successfully completed commissioning and is now operational, which MCP expects to facilitate increased production volumes at lower production costs.

No guidance offered.