Mining firm gets permission to search for rare earths elements

Mining company Molycorp reported that the company has permission from
the U.S. Bureau of Land Management to look for rare earths metals at a
location near its mine at Mountain Pass.

“This is an important milestone in our heavy rare earth strategy, and
we expect to begin drilling immediately,” Molycorp CEO Mark A. Smith
said in a statement. “We anticipate results from the drilling program
in the second quarter of 2012.”

Mountain Pass is near the 15 Freeway on San Bernardino County’s side of
the Nevada State Line. Molycorp’s mine there is the only place in the
United States where rare earths metals are extracted from the earth.

Molycorp’s preliminary exploration of the site shows a relatively high
percentage of heavy rare earths metals including terbium, dysprosium,
europium and samariam. Rare earths metals have a variety of high-tech
applications.

Molycorp sales reach record levels in third quarter

Mining firm Molycorp reported record sales of $138.1 million for the quarter ending Sept. 30.

The reported sales levels were 39 percent higher than the company’s reported earnings during the previous quarter.

Molycorp earned $8.5 million during the third quarter of 2010. The company did not revive mining operations at its Mountain Pass location until later in the year.

The company’s mine at Mountain Pass, which is near the Nevada state line in San Bernardino County, is the only place in the United States where rare earths metals can be mined. Rare earths metals are a class of elements that have a variety of applications in high technology, but are rarely discovered in concentrations where they can be effectively mined.

Molycorp’s net income attributable to stockholders reached $45.3 million during the third quarter, a 4 percent increase from the previous three-month period.

The company’s corporate offices are in Greenwood Village, Colo.

Mojave Desert mining firm signs labor deal

Molycorp, Inc., the mining firm that operates a rare earths metals mine in the San Bernardino County desert, announced Monday that the company has agreed to a three-year contract with United Steelworkers members working at the mine.

Molycorp’s mine is at Mountain Pass, near the Nevada state line. The mine is the only place in the United States where the natural elements known as rare earths metals are extracted from the ground.

China leads the world in rare earths production. The elements are used to manufacture powerful magnets and components in many products, such as smart phones and missiles.

Molycorp is headquartered in Colorado.