Molycorp (NYSE:MCP) shares are up as the company is set to announce a rare earth discovery in Southern California. This could be what the country needs to break its independence from China’s rare earth metals (REMX). The report says Molycorp still has test drilling to do to find the quality and quantity of the rare earth ore.
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In a telephone interview with NYT, Molycorp’s (NYSE:MCP) chief executive, Mark Smith, said, “the company might be able to begin producing heavy rare earths in a little over a year from now. That is because the ore deposit is on land near Mountain Pass, Calif., near the Nevada border, where the company has been mining since the early 1950s and has regulatory approval to continue mining and refining for decades.”
Molycorp’s (NYSE:MCP) stock is up 2.12% to $30.76 on the news. Shares are down 38.58% year to date. The stock has traded in a 52-week range between $26.02 and $79.16.