Molycorp Announces Successful Close of Neo Materials Acquisition

Molycorp

announced Monday that its acquisition of Canadian-based Neo Material Technologies (

) has officially closed, creating a global rare earth leader with a combination of a world-class rare earth resource, ultra-high-purity rare earth processing capabilities, and full 'mine-to-magnetics' vertical integration. Today's close of the acquisition follows a 99.9% vote by Neo Materials' shareholders to approve the transaction in a May 30, 2012, Special Meeting; final approval of the Plan of Arrangement from Investment Canada on June 8, 2012; and a Final Order to approve the Arrangement, also on June 8, 2012, by the Ontario Superior Court of Justice.