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Sumitomo Says to Close Molycorp Deal Once Customers Secured
Jun. 17, 2011 10:22AM PST
Rare Earth InvestingReuters reported that Sumitomo (TYO:8053) will secure Japanese customers before closing its delayed deal with Molycorp (NYSE:MCP).
Reuters reported that Sumitomo (TYO:8053) will secure Japanese customers before closing its delayed deal with Molycorp (NYSE:MCP).
The market news is quoted as saying:
Sumitomo last December agreed to buy $100 million of Molycorp’s common stock and provide $30 million in debt financing to help fund its redevelopment of its Mountain Pass, California, mine and processing facility.
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