Molycorp Issues Statement Regarding SEC Investigation
Greenwood Village, Colo. (November 9, 2012) -- In response to inquiries from investors and the news media, Molycorp, Inc. (NYSE: MCP) ("Molycorp" or the "Company") today issued the following statement regarding the Company's disclosure in its third quarter 2012 Form 10-Q with the U.S. Securities and Exchange Commission (SEC):
On August 28, 2012, the staff of the SEC requested information from the Company; subsequently, the Company learned that this request for information was in connection with a formal order of investigation pertaining to, among other things, the accuracy of the Company's public disclosures. We are cooperating with the SEC staff and are in regular communication with them on this matter. As a public company, Molycorp maintains disclosure controls and procedures, as well as internal controls, and has extensive processes with respect to the documents it files with the SEC. As noted in the Company's third quarter 2012 10-Q, the Company cannot predict the length, scope, or results of the matter or the impact, if any, on the Company's results of operations.
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FOR MORE INFORMATION:
Jim Sims, +1 (303) 843-8062
Vice President, Corporate Communications
Brian Blackman, + 1 (303) 843-8067
Senior Manager, Investor Relations
Molycorp is a leading rare earths and rare metals company, and combines a world-class rare earth resource at Mountain Pass, California, with world-class ultra-high-purity rare earth and rare metal materials processing capabilities. With 26 locations across 11 countries, Molycorp is vertically integrated across the global rare earth mine-to-magnetics supply chain. It produces rare earth magnetic materials as well as a variety of high-purity, custom engineered products from 13 different rare earths (lights and heavies) as well as five rare metals (gallium, indium, rhenium, tantalum and niobium), and the transition metals yttrium and zirconium. Through its Molycorp Magnequench subsidiary, the Company is a leading global producer of neodymium-iron-boron (NdFeB) magnet powders, used to manufacture bonded NdFeB permanent rare earth magnets. Through its joint venture with Daido Steel and Mitsubishi Corporation, Molycorp expects to begin manufacturing next-generation, sintered NdFeB permanent rare earth magnets in early 2013. For more information please visit www.molycorp.com.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Molycorp, Inc. via Thomson Reuters ONE