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Chilean Mining Concern Buys Stake in Molycorp

2:32 PM MST | February 2, 2012 | Vincent Valk

Molibdenos y Metales S.A. (Molymet; Santiago, Chile) has purchased a 12.5 million-share stake in Molycorp (Greenwood Village, CO) worth $390 million, Molycorp says. Molymet is the world’s largest processor of molybdenum and rhenium, both of which are used in high-temperature superalloys. The shares represent about a 15% stake in Molycorp, based on the company’s market capitalization as of February 2.   The purchase price is based on the 20-day average of Molycorp’s share price, plus a 10% premium. Shares in Molycorp closed at $29.21 on...

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