SOURCE: Industrial Info Resources

Industrial Info Resources

November 11, 2011 06:45 ET

Rare Earths Prices Boost Molycorp Earnings, Encourage Project Acceleration, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - Nov 11, 2011) - Researched by Industrial Info Resources (Sugar Land, Texas) -- U.S. rare earths miner Molycorp Incorporated (NYSE:MCP) (Greenwood Village, Colorado) yesterday reported earnings for the third quarter of the company's 2011 fiscal year. Molycorp reported net income of $48.4 million, compared to a net loss of $10.1 million in the third quarter of 2013. Company sales were $138 million, compared to $8.5 million in 3Q10.

In late October, Molycorp announced that, to take advantage of the very favorable rare earth oxide markets, it would accelerate the startup of its "Project Phoenix" rare earths production and processing facility in Mountain Pass, California.

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