Molycorp in Magnet Deal with Daido, Mitsubishi

Reuters Africa reported that Molycorp (NYSE:MCP) has reached a joint venture deal with Daido Steel Co (TSE:5471) and Mitsubishi Corp. (TSE:8058).

As quoted in the market news:

Molycorp will own 30 percent of the joint venture, which will produce sintered neodymium-iron-boron magnets at a facility in Nakatsugawa, Japan.

Click here to read the full Reuters Africa report.