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Molycorp to suspend production at Mountain Pass facility in California

Published 2015-08-26, 08:10 a/m
© Reuters. Molycorp to suspend production at Mountain Pass facility in California

Aug 26 (Reuters) - Rare earths supplier Molycorp Inc
MCPIQ.PK , which recently filed for bankruptcy protection, said
it would suspend production at its flagship Mountain Pass
facility in California by Oct. 20 due to a fall in prices.
The company, which is the only U.S. supplier of rare earths,
said it will continue to supply rare earths from its other
facilities in Estonia and China.
The Greenwood, Colorado-based company filed for bankruptcy
protection in June.
Rare earths gained global attention in 2010, when China
clamped down on exports. Sensing an opportunity, Molycorp
started expanding its Mountain Pass rare earths mine in
California. But China subsequently eased export rules, causing
prices to fall.
Rare earths are used in a range of products from smartphones
to military jet engines to hybrid vehicles. China controls
roughly 90 percent of the world's supply of rare earths.

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