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Molycorp, Sumitomo Nix Funding Deal

11:56 AM MDT | September 16, 2011 | Vincent Valk

Rare earths producer Molycorp (Greenwood Village, CO) and Sumitomo Corporation have decided to cancel a deal under which Sumitomo would have purchased a $100 million equity stake in Molycorp. The terms of the deal had changed, and Molycorp, whose expansion plans are now fully funded, no longer needed the cash, the company says.   The most recent iteration of the deal, which was first announced in January, called for Sumitomo to make two $50 million investments, in exchange for guaranteed sourcing of rare earth oxides from Molycorp at discounted prices...

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