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Jan. 5, 2015, 8:15 AM
- China has dropped its decade-old quotas limiting exports of rare earths, as it moves to comply with a WTO ruling last year that the country's tariff and quota system was discriminatory and gave unfair advantage to domestic consumers.
- Under the new guidelines, rare earths will require an export license but the amount that can be sold abroad will no longer be covered by a quota.
- China has ~30% of global deposits of rare earths but accounts for more than 90% of production.
- Related stocks include MCP, REE, AVL, GSM.
Jan. 4, 2015, 3:49 PM
- The following stocks were the Russell 2000's worst performers in 2014:
- KWK -93.5%. WLT -91.7%. AMZG -89.5%. PHMD -88.2%. EXXI -88%. RGDO -86.8%. REN -85.4%. HERO -84.7%. EOX -84.3%. MCP -94.3%. CVEO -84.2%. BPZ -84.1%. FWM -82.6%. MILL -82.2%. NADL -81.6%. VRNG -81.4%. CYTX -81%. SALT -80.5%. PRKR -80%. MBII -79.7%. NTLS -79.2%. COVS -78.9%. KEG -78.9%. MM 78 MPO -77%. ANR -76.6%. EXEL -76.5%. SZYM -76.3%. CONN -76.2%. ANV -75.5%. GALT -75.5%. ZQK -74.8%. ARO -74.5%. REXX -74.1%. GDP -74%. FUEL -73.8%. QRHC -73.7%. VTG -73.4%. RLOC -73%. XONE -72.2%.
Dec. 30, 2014, 3:29 PM
- Molycorp (MCP +2.8%) is closing out a very rough 2014 on a strong note. Both Tuesday and Wednesday's gains have come on above-average volume.
- Liquidity/solvency concerns have weighed heavily on the rare-earth miner's shares - it ended Q3 with $1.6B in debt and capital lease obligations to go with $314M in cash, and is expected to lose $0.34/share in Q4 and $0.62/share in 2015. A $207M debt maturity is due in June 2016.
- Three weeks ago, S&P upgraded its rating for Molycorp's senior secured debt to CCC+ (still in junk territory), but also lowered its debt recovery expectations in the event of a default. A $38M debt-for-equity swap was carried out in November.
Nov. 6, 2014, 3:49 PM
- Molycorp (MCP -11%) bonds fall to all-time lows after the company reported Q3 losses that were wider than analysts had forecast.
- MCP’s $650M of 10% first-lien notes maturing June 2020 fell to as low as 65.9 cents on the dollar, the lowest since the securities started trading in March 2013, to yield 20.2%.
- As part of MCP's 11th consecutive quarterly earnings loss, revenue declined 17% Y/Y to $124M from the same period a year ago.
Nov. 6, 2014, 9:14 AM
- Gainers: PLNR +74%. PESI +24%. SWIR +20%. MEET +13%. RVLT +11%. COT +11%. DATA +11%. ACAS +10%. NDLS +9%. KATE +8%. KATE +8%. WFM +9%. HZNP +6%. CECO +6%. DRYS +5%. TRUE +5%.
- Losers: AEZS -51%. SZYM -47%. SNMX -26%. GNW -24%. WWWW -22%. CSOD -19%. PHMD -17%. GERN -14%. MCP -12%. GNRC -11%. WAC -9%. QCOM -7%. Z -7%. PBR -5%.
Nov. 5, 2014, 5:51 PM
- Molycorp (NYSE:MCP): Q3 EPS of -$0.40 misses by $0.13.
- Revenue of $123.9M (-16.9% Y/Y) beats by $0.23M.
- Shares -13% AH.
Oct. 8, 2014, 12:45 PM
Sep. 30, 2014, 7:45 AM
- Molycorp (NYSE:MCP) +2.4% premarket on news that its expanded leach system has been placed into service at its Mountain Pass, Calif., facility.
- MCP says the system expansion addresses one of the major production bottlenecks at Mountain Pass and is expected to boost rare earth production and lower operating costs once it is fully operational and sufficient supplies of hydrochloric acid are available.
- While onsite production and market availability of HCl are expected to improve in Q4 and beyond, Q3 2014 rare earth production at Mountain Pass is not expected to exceed Q1 2014 levels.
Sep. 22, 2014, 12:46 PM
Sep. 19, 2014, 9:24 AM
Sep. 19, 2014, 8:58 AM
- Molycorp (NYSE:MCP) +5.3% premarket after Oaktree Capital Management discloses a 9.1% stake, or nearly 24.5M shares, in the company.
- Last month, Oaktree agreed to provide MCP up to $400M in financing through credit facilities and the sale and leaseback of equipment at the company's Mountain Pass facility.
- MCP shares had slumped to a new 52-week low yesterday, and have plunged 76% YTD.
Aug. 25, 2014, 12:46 PM
Aug. 11, 2014, 11:59 AM
- Molycorp (MCP -4.2%) is downgraded to Sell from Hold with a $2 price target, cut from $3, at Euro Pacific, which cites continuous price decreases in special earth elements and lagging production efficiency in Mountain Pass.
- The firm notes how MCP has decreased its current account, burning through cash by nearly $80M/quarter trying to stay afloat with its price decreases and trouble in Mountain Pass.
- MCP's Q2 average sales prices decreased to 1,049 tons at $16.8/kg from 974 tons at $10.3/kg in the year-earlier Q2.
Aug. 7, 2014, 9:21 AM
Aug. 6, 2014, 5:41 PM
Aug. 6, 2014, 4:45 PM
- Molycorp (NYSE:MCP) +12.8% premarket on news that Oaktree Capital Management has agreed to provide MCP and certain subsidiaries up to $400M in secured financing through credit facilities and the sale and leaseback of equipment at the company`s Mountain Pass facility.
- As part of the agreement, MCP will issue Oaktree with share warrants equal to 10% of its stock.
- The financing news overshadows MCP's Q2 earnings miss; Q2 production volume totaled 1,639 metric tons, up 48% Q/Q.
Molycorp is the only advanced material manufacturer in the world that both controls a world-class rare earth resource and can produce high-purity, custom engineered rare earth products to meet increasingly demanding customer specifications. With 25 locations across 10 countries, the Company... More
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