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Molycorp, Inc. (MCP)

  • Oct. 15, 2013, 7:43 AM
    • 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.
  • Oct. 14, 2013, 5:46 PM
    • Top Gainers, as of 5:15 p.m.: VXX +2.9%. FU +2.2%. COCO +2.0%. SHLD +1.5%. MCP +1.4%.
    • Top Losers, as of 5:15 p.m: TDC -10.6%. THOR -4.3%. XYL -4.1%. RSO -2.9%. NOR -2.9%.
  • Oct. 8, 2013, 7:43 AM
    • Molycorp (MCP) names Geoff Bedford as its next President and CEO, effective Dec. 2; he will replace interim President/CEO Constantine Karayannopoulos, who will continue as vice chairman of the MCP board.
    • Bedford is MCP's current Chief Operating Officer and a 14-year rare earth industry veteran.
    • Separately, MCP amends a securities purchase agreement, allowing Molymet to own up to 27.5% of MCP outstanding common stock.
    • Shares +2.8% premarket.
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  • Oct. 2, 2013, 9:11 AM
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  • Oct. 2, 2013, 8:27 AM
    • Molycorp (MCP) +6.9% premarket after announcing that the chloralkali plant at Mountain Pass, Calif., is now mechanically complete and full-scale commissioning operations have begun.
    • The plant will recycle wastewater and produce hydrochloric acid and caustic soda used as part of the rare earth separations process.
    • Once fully operational and optimized, the chloralkali plant is expected to help the facility achieve its cash production cost targets, which MCP believes will make it competitive with the lowest cost producers globally.
    • The final unit of its multi-stage cracking plant at Mountain Pass also is now mechanically complete and is being commissioned.
  • Sep. 24, 2013, 9:54 AM
    • Rare earth stocks (REMX) start strong after reports overnight say China is likely to purchase billions of yuan of rare earth minerals starting next month to bolster its strategic reserves.
    • Six large rare-earth producers - including Baotou Steel, China's largest rare earth producer by output - are on the list for the purchasing program, which was launched last year.
    • Also, one of China’s largest rare earth producers says it plans to raise funds through private placement to build a plant with the capacity to produce 7K tons/year of rare earth oxides.
    • MCP +3%, REE +3.7%, AVL +8.8%.
  • Sep. 17, 2013, 10:36 AM
  • Aug. 9, 2013, 10:48 AM
    • Molycorp (MCP -10.5%) shares slide after disappointing Q2 results, but Goldman Sachs believes fundamentals are nearing a bottom and maintains its Neutral rating and $6 price target.
    • The firm notes several positive developments during the quarter, including normalizing REO demand as customer inventory destocking appears to have subsided and H2 order patterns are on the mend.
    • Goldman says it's not time to pull the trigger, pending clarity around MCP's expected Sept. closing on a $125M revolver and commissioning of its chlor-alkali facility, a key factor in achieving targeted sub-$10/kg production costs and profitability.
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  • Aug. 9, 2013, 9:17 AM
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  • Aug. 8, 2013, 5:43 PM
  • Aug. 8, 2013, 4:48 PM
    • Molycorp (MCP) -7.5% AH after reporting a wider Q2 loss even as revenue rose, as sales prices dropped sharply.
    • Loss attributable to common shareholders was $0.44/share vs. a loss of $0.71 a year earlier when fewer shares were outstanding; excluding costs associated with its expansion and other items, the loss widened to $0.36/share from $0.03 a year ago.
    • Average selling price for MCP’s rare metals was $272.14/kg vs. $187.35 a year ago, while rare metals production was flat.
    • Had $264M cash on hand at the end of Q2; expects to spend ~$432M on capex this year vs. last year's $790M spent.
    • Says it is seeing increasingly bullish signals from customers across several segments for product demand, which will coincide with higher production capacity at Mountain Pass.
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  • Aug. 8, 2013, 4:08 PM
    • Molycorp (MCP):  Q2 EPS -$0.36 misses by $0.13.
    • Revenue of $136.9M misses by $21M. (PR)
    • Shares -3% AH.
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  • Jul. 31, 2013, 12:53 PM
    • A spike in Molycorp (MCP +6.7%) is attributed to an article that says China rare earth prices skyrocketed in the past week.
    • Dysprosium oxide jumped 79% in the past week, according to MetalMiner's price index; yttria climbed 47%, terbium rose 34.5%.
  • Jul. 12, 2013, 12:17 PM
    Molycorp (MCP +4.7%) is upgraded to Strong Buy at Byron Capital, which sees it as in the best position to reap benefits as companies seek out reliable sources of rare earth minerals outside of China. Long-term, the firm doesn't think rare earth prices will decline below historical price levels, and thinks end users will find value.
  • Jul. 10, 2013, 6:35 PM
    Molycorp (MCP) +1.8% AH after surging 16% during regular trading, as other rare earth (REMX) names also rose today: REE +11.7%, AVL +15.2%. A Euro Pacific analyst ties the move to reports from China that say the price increase in rare earth relates to a government campaign to shut down unlicensed mines in China's Ganzhau; funds may be buying a basket of related companies. (earlier)
  • Jul. 10, 2013, 4:59 PM
    Molycorp (MCP) soared 16% on the day on no news, but the move may have been driven by a technical breakout. Shares broke out from their 50-day MA at $6.09 on heavy volume and kept climbing; MCP has surged 24% this week.
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Company Description
Molycorp, Inc., manufactures custom engineered rare earth and rare metal products. The Company's reportable segments include resources chemicals and oxides magnetic materials and alloys and rare metals.