Molycorp (NYSE:MCP) has received court approval for an improved $130 million financing package to be provided by Oaktree Capital Management.
Mining Weekly reported that Molycorp (NYSE:MCP) has deferred its second interest payment in two weeks.
Molycorp is planning to file for bankruptcy protection, according to the Wall Street Journal. The news comes after Molycorp missed a $32.5 million bond interest payment this week.
Moody’s Investor Service has downgraded Molycorp (NYSE:MCP) from Ca to Caa2. The firm has a negative outlook for Molycorp, and its ratings change comes after the company decided to take advantage of a 30-day grace period on a $32.5 million semi-annual payment of its senior secured notes. Moody’s noted that
Shares in Molycorp (NYSE:MCP) plummeted as a result of the company’s announcement that it missed a US$32.5 million interest payment on its senior secured notes.
The Financial Post reported that MolyCorp (NYSE:MCP) missed a key interest payment on its senior secured debt. The company now has a 30 day grace period to make the US$32.5 million payment.
China removed its export tariffs on rare earths, tungsten and molybdenum at the start of May, and shortly afterwards announced changes to its resource tax regime for rare earths. A number of analysts and market watchers have commented on how those changes might affect rare earths prices — here, Don
The company incurred a net loss of $102 million for Q1. Meanwhile, it’s facing delisting from the NYSE and is concerned about repaying convertible notes maturing in June. Overall, if Molycorp is “unable to execute [its] business plan and restructure [its] debt, [it] may not be able to continue.”
According to a report from Bloomberg, Molycorp (NYSE:MCP) could be considering a proposal to restructure its $1.6 million debt. The plan would see at least some bonds owned by senior creditors swapped for equity.
Writing for Seeking Alpha, Shock Exchange suggested that rare earth producer Molycorp (NYSE:MCP) could engage in a reverse-stock split in coming weeks. The author noted that a potential delisting for Molycorp is still in effect, and suggested that management would engage in a reverse stock split before allowing the stock
China’s Ministry of Finance confirmed plans to eliminate export tariffs on rare earths, tungsten and molybdenum, effective May 1, 2015. According to Shanghai Metals Market, China previously imposed export duties of 15 to 25 percent on rare earth products.
Mining.com reported that Siemens AG (OTCMKTS:SIEGY) has selected Molycorp, Inc. (NYSE: MCP) ) to supply rare earth materials from its Mountain Pass, California facility for incorporation into Siemens’ wind turbine generators.
Shares of Molycorp jumped Wednesday on news that the company has secured a 10-year rare earths supply deal with Siemens. Under the terms of the agreement, Molycorp will supply rare earth materials to Shin-Etsu Chemical, which will produce rare earth magnets for Siemens to use in its high-efficiency, direct-drive wind
Here’s a look at some of the top stories from Rare Earth Investing News from the first quarter of the year. On the list are market commentaries from analysts, a look at companies that attended PDAC and an article on recent discoveries in the sector.
To learn what Commerce Resources is up to this year, Resource Investing News spoke with Chris Grove, president and director of the company.
It isn’t every day that rare earths are featured in the mainstream media, but this week on “60 Minutes” they made an appearance. The rare earths sector was on the rise on Monday following the report, which looked at the rise of China’s dominance in the industry and the importance