Molycorp Running Low on Cash, as Rare Earths Prices Hold Steady

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Molycorp is running short on cash and says it is planning to sell $200 million in shares to raise funds.

“The rare earth metals company said Tuesday that it raised $414 million in cash from a January stock offering that was expected to fund operations and working capital needs, but it is now running short. As of Sept. 30, 2013, Molycorp said it had approximately $160 million of cash,” states Bloomberg.

Rare Earths MMI® metals had a quiet week, with cerium oxide. Dysprosium oxide remained essentially flat from the previous week. Europium oxide remained unchanged for the week.

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The price of lanthanum oxide did not change since the previous week. Following a steady week, prices for neodymium closed flat. The week finished with no movement for neodymium. Neodymium oxide remained essentially flat from the previous week.

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Praseodymium oxide traded sideways last week. Prices for rare earth carbonate remained constant. The price of samarium oxide did not change since the previous week. Following a steady week, prices for terbium metal closed flat.

Terbium oxide prices held steady from the previous week. Yttria remained unchanged for the week. Prices for yttrium remained constant.

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.