Molycorp CEO to Testify Next Week Before Congress On Rare Earth Supply Concerns
Molycorp Inc.'s President and Chief Executive Officer, Mark Smith, will
testify before Congress on Wednesday, Sept. 21, 2011 on the subject of
global rare earth supply concerns and on efforts to diversify the
nation's sources of these strategically critical materials.
Smith will testify before the U.S. House Foreign Affairs Subcommittee on
Asia and Pacific Affairs, chaired by U.S. Rep. Don Manzuallo (R-Ill.).
The hearing, entitled 'China's Monopoly on Rare Earths:
Implications for U.S. Foreign and Security Policy,' ?begins at 1 p.m.
on Sept 21 in Room 2172 of the House Rayburn Office Building. More
information on the hearing can be found here.
Molycorp is the Western hemisphere's only producer of rare earth oxides
(REO), and the largest REO producer outside of China. It currently is
working to complete a $781 million modernization and expansion of its
flagship rare earth mine and manufacturing facility at Mountain Pass,
California. Following the mechanical completion in 2012 of Phase 1 of
this expansion project, known as 'Project Phoenix,' Molycorp will be
producing at an annual rate of 19,050 metric tons of rare earths. After
completing Phase 2 of its expansion project in 2013, Molycorp will have
an annual production capacity of up to 40,000 metric tons.
About Molycorp, Inc.
With offices in the U.S., Europe, and Japan, Molycorp, Inc. is the only
rare earth oxide (REO) producer in the Western Hemisphere and the
largest REO producer outside of China. In addition to its current
production of rare earth oxides at its flagship rare earth mine and
processing facility at Mountain Pass, California, the Company produces
rare earth metals, rare earth alloys (such as neodymium-iron-boron and
samarium-cobolt alloys) and rare metals such as niobium and tantalum.
The rare earths and rare metals Molycorp produces are critical inputs in
existing and emerging applications including: clean energy technologies,
such as hybrid and electric vehicles and wind power turbines; multiple
high-tech uses, including fiber optics, lasers and hard disk drives;
numerous defense applications, such as guidance and control systems and
global positioning systems; advanced water treatment technology for use
in industrial, military and outdoor recreation applications; and other
technologies. For more information please visit ?www.molycorp.com.
Molycorp, Inc.
Jim Sims, 303-843-8062
Vice President
Corporate Communications
Jim.Sims@Molycorp.com
or
Brian
Blackman, 303-843-8067
Senior Manager, Investor Relations
Brian.Blackman@Molycorp.com