Molycorp escaped more intervention from the Securities and Exchange Commission (SEC), after the regulatory body decided it would push no further on the rare earth mining company’s public disclosures, according to Industrial Minerals and others.
The SEC began investigating Molycorp last August, but just made the investigation public in November – as a result of this news, Molycorp’s stock appreciated a bit, but that still doesn’t mean the company’s out of the woods. Just look at rare earths market fundamentals.
The rare earth metal miner, for example, reported worsening losses in Q1 for its Project Phoenix rare earths mining and processing operation at Mountain Pass in May, which it attributed to dropping demand and prices, according to IM.
The (Price) Reasons Molycorp Is Losing Out?
This week, Molycorp, Lynas Corp. and other miners get a reprieve with higher rare earths prices – but will it last?
A 25.3 percent improvement on the weekly Rare Earths MMI® made terbium metal the week’s biggest mover. Terbium oxide prices climbed more than $70 a week ago. Over the past week, europium oxide rose 15.2 percent.
MetalMiner’s NEW Rare Earths MMI® reading for July coming soon!
One of the big movers this week was praseodymium neodymium oxide, which shot up 14.6 percent. Dysprosium oxide closed last week after a 13.7 percent rise in price. In the past week, the price of dysprosium oxide shot up 13.7 percent. Praseodymium oxide climbed 8.7 percent increase.
Cerium oxide traded sideways last week. Lanthanum oxide prices held steady from the previous week. The week finished with no movement for neodymium. Rare earth carbonate remained unchanged for the week.
The Rare Earths MMI® collects and weights 14 global rare earth metal price points to provide a unique view into rare earth metal price trends. For more information on the Rare Earths MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.