Molycorp cuts estimated IPO price to $14/shr

Rare earth oxide producer Molycorp Inc (NYSE: MCP) reported it now expects to raise about $394 million through its initial public offering.

The press release is quoted as saying:

The company said in a regulatory filing that it expects 28.1 million shares to be priced $14 each, down from an earlier estimated range of $15 to $17 a share. Molycorp owns land in California where it mines and processes rare earth oxides.

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