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Molycorp, Fully Funded, Breaks Off Talks With Sumitomo
Sep. 16, 2011 03:44PM PST
Rare Earth InvestingSFGate reported that Molycorp (NYSE:MCP) has halted funding talks with Sumitomo (TYO:8053), saying it no longer needs the money.
SFGate reported that Molycorp (NYSE:MCP) has halted funding talks with Sumitomo (TYO:8053), saying it no longer needs the money.
The market news is quoted as saying:
Molycorp has found other sources for the $781 million it needed to expand its rare-earth mine and manufacturing facility at Mountain Pass, California, the company said in a statement today. Sumitomo, Japan’s third-biggest trading company, had considered taking on $130 million in debt in exchange for a supply agreement.
To read the full market news, click here.
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