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Molycorp to Issue Debt to Fund Neo Deal

2:08 PM MDT | May 18, 2012

Molycorp says it will issue $650 million in senior secured debt to fund the $1.3 billion acquisition of Neo Material Technologies (Toronto), which was announced in March. Last week, Molycorp reported a first-quarter loss of $3.5 million, wider than a $2.2 million loss in the year-ago period. First-quarter sales tripled, to $84.5 million. The company expects to produce 8,000-10,000 m.t. of rare earth oxides from its Mountain Pass, CA facility this year. The “highly volatile pricing environment” MolyCorp experienced in 2011 has moderated, says Molycorp...

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