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Molycorp to Sell Shares, Issue Debt

3:04 PM MDT | June 7, 2011 | Vincent Valk

Molycorp (Greenwood Village, CO), a rare earths producer, is selling 10 million shares of common stock and issuing $200 million in new senior debt, the company announced today. The debt will be due in 2016 and the interest rate has not been disclosed. The company expects to use the proceeds from the debt to fund expansion plans at its Mountain Pass, CA processing plant, including brining capacity up to the company's stated goal of 19,050 m.t./year of rare earth oxides by the end of next year.   Shares in Molycorp closed at $58.70 on June 7, and the company...

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