Rapidly Accelerating Rare Earths Demands Speed up Molycorp Phoenix Timeline
Mineweb reported that Molycorp’s (NYSE:MCP) Phoenix project will ramp up three months sooner so it can meet exploding rare earth demand.
Mineweb reported that Molycorp’s (NYSE:MCP) Phoenix project will ramp up three months sooner so it can meet exploding rare earth demand.
As quoted in the market news:
The $781 million Project Phoenix modernization and expansion project will enable Mountain Pass to produce 4,951 to 5,881 metric tons of Rare Earth Oxide Equivalent this year. Accelerating the start-up will increase the company’s 2012 production by 3,500 metric tons to a range of 8,000 to 10,000 metric tons.
Molycorp’s CEO, Mark A. Smith said:
 “Every month that was accelerate our start-up provides that much more product to customers who need it now. The acceleration also expands the diversity of global supply, which is an increasingly urgent matter for rare earth consumers.”
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