Molycorp sets additional share offering, expansion

Reuters reports that Molycorp (MCP.N) plans to sell up to $500 million of their holdings in the U.S. rare-earth producer and approves a second phase of expansion of the California mine.

The market news is quoted as saying:

The company itself plans to sell $172.5 million in preferred shares alongside the shareholders’ offering, which will fund its current round of expansion and the second wave approved by the board. Molycorp shares rose 4.3 percent.

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