Molycorp Commits Most of Phase I Rare Earth Production

Molycorp, Inc. (NYSE:MCP) announced that 78% of its Mountain Pass rare earth production is now committed.

As quoted in the press release:

The company said it has entered into written agreements with customers covering 58% of its Phase I production, and has allocated an additional 20% to production of XSORBX™, for a total of 78% of the 19,050 metric tons of rare earth oxide (REO) equivalent that it intends to produce annually under Phase 1 at its flagship Mountain Pass, California rare earth facility.

Molycorp’s President and CEO, Mark A. Smith said:

In an industry that traditionally has been driven by spot sales, Molycorp continues to break ground by moving customers to stable, secure, long-term supply contracts.

Click here for the Molycorp, Inc. (NYSE:MCP) press release.