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Molycorp breaks ground at Mountain Pass
January 26, 2011 - 00:00 GMT
Molycorp resumes mining in California and enters into agreement with Japan's Hitachi Metals Ltd
The move, blasting and
extracting RE bearing bastnaesite ore in an open pit, brings
back to life one of the worlds largest and richest
deposits of rare earth minerals outside of China, and the
timing would seem to be ideal.
Although Molycorp has been
processing significant quantities of RE materials for the past
three years from stockpiles at its Mountain Pass plant, RE
demand has increased significantly in recent years and exports
of RE from China, the only other main commercially developed
source of RE, are declining year on year (see
Mark Smith, chief executive
officer, Molycorp, said: Resumption of active mining
operations at Mountain Pass is actually occurring ahead of
schedule, which underscores the fact that we are on track to
meet our end-of-2012 deadline for achieving a full-scale
production rate of 20,000 tpa of rare earth oxide
Groundbreaking of construction...
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Euromoney Institutional Investor PLC.
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