Molycorp, Sumitomo Nix Funding Deal

Rare Earths Rare earth oxides producer Molycorp (Greenwood Village, CO) and Sumitomo Corporation have decided to cancel plans for Sumitomo to purchase 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 last January, called for Sumitomo to make two $50-million investments in exchange for guaranteed sourcing of rare earth oxides from Molycorp at discounted prices. Sumitomo...

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