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SFGate 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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