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Molycorp Snapshot
Don't look for any mollycoddling of the earth here. Molycorp mines and produces lanthanide and molybdenum compounds, concentrates, and oxides using open-pit mining techniques. Lanthanides (which include cerium, lanthanum, and yttrium) are used in everything from cell phones and computers to X-ray film and television glass. The company, however, is staking its future on the production of rare earth oxides (REO). Molycorp went public in July 2010 with an initial public offering (IPO). The company plans to use funds from the IPO to modernize its California facility and expand into REO metals and alloys production. Later that year, Sumitomo Corp. invested $130 million for a guaranteed seven-year supply of REOs.
