Molycorp CEO to Congress: China’s New Warnings on Further Rare Earth Export Restrictions Spotlights Need to Ramp up U.S. Production

Molycorp, Inc.’s (NYSE:MCP) President and CEO said China’s renewed warnings increases the urgency for the U.S. to ramp up rare earth production.

The press release is quoted as saying,

Molycorp’s President and CEO, Mark A. Smith said,

Senior Chinese officials relayed to me last week, both privately and through public statements, that China has no intention of remaining the world’s major supplier of rare earths and that it will continue to shift its focus to domestic demand.

For the complete press release, click here.