Molycorp’s $89m Deal for AS Silmet Doubles REO Production Capacity

Mineweb reported that Molycorp’s (NYSE:MCP) acquisition of AS Silmet is allowing production of rare earth products to increase dramatically.

The editorial is quoted as saying:

The US$89 million acquisition of a 90.023% controlling stake in Silmet by Molycorp provides the U.S. producer with its first European base of operations, as well as doubles the company’s current rare earth oxides production from 3,000 tonnes to 6,000 tonnes annually. Molycorp invested $80 million of its stock in the acquisition.

To read the full editorial, click here.