Molycorp files for bankruptcy

• Autores: James Sean Dickson
• Localización: Industrial Minerals, ISSN 0019-8544, Nº. 574, 2015 (Ejemplar dedicado a: Julio/Agosto)
• Idioma: inglés
• Texto completo no disponible (Saber más ...)
• Resumen

  • "The actions we have taken today are important steps toward achieving a restructuring of our $1.7bn debt with our major creditor constituencies. In doing so, the company expects to exit Chapter 11 with an appropriate financing framework to support our business going forward," Geoffrey Bedford, Molycorp's CEO, said.

    Oaktree objected to the payment over concerns that Molycorp's lossmaking rare earths production business unit, which is based around the Mountain Pass mine in California, could squeeze cash from Neo Material Technologies Inc., a profitable business arm of Molycorp which was acquired in 2012.

    Molycorp's fall from rare earths grace has been primarily caused by lower prices, which have affected the rare earths market ever since the pricing boom of 2011.