Shotgunner51
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Chinese bidder snaps up only commercial rare earths mine in US
By William Clarke Published: Friday, 16 June 2017
A Chinese consortium including rare earth producer Shenghe Resources puts in the winning bid at Mountain Pass auction, but the deal will now face regulatory scrutiny.
Chinese-led consortium MP Mine Operations (MPMO) put in the winning bid for the only commercial rare earths mine in the US, but the deal will now have to face scrutiny from regulators, as political opposition to the overseas ownership of rare earth assets grows.
Mountain Pass, a rare earth mine. Read the full article at http://www.indmin.com/Article/37259...p-only-commercial-rare-earths-mine-in-US.html
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Trump Energy Dept. Seeks to Mine Elements Monopolized By China
July 17, 2017
In a move met by applause from at least one congressman, the Energy Department announced a pilot program for research into domestic mining of rare earth elements.
Rare earth elements are a series of seemingly obscure elements on the Periodic Table that are crucial for production of electronics, military equipment and some medications.
According to Rep. Lou Barletta (R-Pa.), 100 percent of America's supply of these elements comes from China.
China supplies 85 percent of the world's overall production, according to the congressman.
The elements - which include Yttrium, Scandium, Neodymium and Cerium - can be extracted in a variety of ways, including in the aftermath of coal mining.
The Energy Department said it will invest nearly $7 million into researching ways to mine and produce these elements in the United States.
http://insider.foxnews.com/2017/06/...ng-rare-earth-elements-comes-china-appalachia
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Only producing U.S. rare earths mine goes on the block
Two groups expected to bid for control of Mountain Pass
Andrew Topf | 5 days ago
Molycorp rare earths facility. Mountain Pass, California. (Image from Molycorp's Facebook).
The gavel is coming down on Mountain Pass tomorrow, as the only producing rare earths mine in the United States goes up for auction.
The California mine formerly owned by Molycorp closed in 2015, when the Colorado-based company, once valued at $6 billion, went bankrupt.
According to Wyoming Business Report there are two rival groups bidding for the mine: ERP Strategic Minerals, Swiss private equity firm Pala Investments and Peak Resources (ASX EK), an Australian rare earths company. The other potential buyer is a group of Molycorp's creditors including QVT Financial of the US and Chinese rare earths mining company Shenghe Resources.
ERP Strategic Minerals was selected as the "stalking horse bidder" by the Chapter 11 trustee for Molycorp Minerals LLC, a unit of Molycorp, at the end of April. A stalking horse bidder is the first bidder to make a bid out of a bankruptcy.
Mountain Pass was the only rare earths mine operating in the United States, before it went bankrupt in 2015 – a victim of low rare earth oxide prices. At the time Molycorp listed $1.7 billion in debt. Through bankruptcy proceedings Molycorp was restructured, allowing it to receive $130 million in debt financing.
Molycorp then moved Mountain Pass into care and maintenance, while continuing to serve customers through its production facilities in Estonia and China.
Mountain Pass was expected to be America’s flagship source of rare earths. In 2010 Molycorp sensed an opportunity to capitalize on reduced rare earth oxide exports from China – which supplies about 90 percent of the world's rare earth minerals – which had caused the prices of REOs to spike. When China subsequently relaxed export rules, however, prices fell, leaving Molycorp to pay the bill for a $1.25 billion state-of-the-art processing facility.
Hit by lower rare earth prices, Molycorp warned it might not have enough money to remain in business. Three months later, it filed for chapter 11 bankruptcy protection.
http://www.mining.com/producing-u-s-rare-earths-mine-goes-block-tomorrow/
http://www.mining.com/mountain-pass-sells-20-5-million/
By William Clarke Published: Friday, 16 June 2017
A Chinese consortium including rare earth producer Shenghe Resources puts in the winning bid at Mountain Pass auction, but the deal will now face regulatory scrutiny.
Chinese-led consortium MP Mine Operations (MPMO) put in the winning bid for the only commercial rare earths mine in the US, but the deal will now have to face scrutiny from regulators, as political opposition to the overseas ownership of rare earth assets grows.
Mountain Pass, a rare earth mine. Read the full article at http://www.indmin.com/Article/37259...p-only-commercial-rare-earths-mine-in-US.html
______________________________________________________________________________
Trump Energy Dept. Seeks to Mine Elements Monopolized By China
July 17, 2017
In a move met by applause from at least one congressman, the Energy Department announced a pilot program for research into domestic mining of rare earth elements.
Rare earth elements are a series of seemingly obscure elements on the Periodic Table that are crucial for production of electronics, military equipment and some medications.
According to Rep. Lou Barletta (R-Pa.), 100 percent of America's supply of these elements comes from China.
China supplies 85 percent of the world's overall production, according to the congressman.
The elements - which include Yttrium, Scandium, Neodymium and Cerium - can be extracted in a variety of ways, including in the aftermath of coal mining.
The Energy Department said it will invest nearly $7 million into researching ways to mine and produce these elements in the United States.
http://insider.foxnews.com/2017/06/...ng-rare-earth-elements-comes-china-appalachia
______________________________________________________________________________
Only producing U.S. rare earths mine goes on the block
Two groups expected to bid for control of Mountain Pass
Andrew Topf | 5 days ago
Molycorp rare earths facility. Mountain Pass, California. (Image from Molycorp's Facebook).
The gavel is coming down on Mountain Pass tomorrow, as the only producing rare earths mine in the United States goes up for auction.
The California mine formerly owned by Molycorp closed in 2015, when the Colorado-based company, once valued at $6 billion, went bankrupt.
According to Wyoming Business Report there are two rival groups bidding for the mine: ERP Strategic Minerals, Swiss private equity firm Pala Investments and Peak Resources (ASX EK), an Australian rare earths company. The other potential buyer is a group of Molycorp's creditors including QVT Financial of the US and Chinese rare earths mining company Shenghe Resources.
ERP Strategic Minerals was selected as the "stalking horse bidder" by the Chapter 11 trustee for Molycorp Minerals LLC, a unit of Molycorp, at the end of April. A stalking horse bidder is the first bidder to make a bid out of a bankruptcy.
Mountain Pass was the only rare earths mine operating in the United States, before it went bankrupt in 2015 – a victim of low rare earth oxide prices. At the time Molycorp listed $1.7 billion in debt. Through bankruptcy proceedings Molycorp was restructured, allowing it to receive $130 million in debt financing.
Molycorp then moved Mountain Pass into care and maintenance, while continuing to serve customers through its production facilities in Estonia and China.
Mountain Pass was expected to be America’s flagship source of rare earths. In 2010 Molycorp sensed an opportunity to capitalize on reduced rare earth oxide exports from China – which supplies about 90 percent of the world's rare earth minerals – which had caused the prices of REOs to spike. When China subsequently relaxed export rules, however, prices fell, leaving Molycorp to pay the bill for a $1.25 billion state-of-the-art processing facility.
Hit by lower rare earth prices, Molycorp warned it might not have enough money to remain in business. Three months later, it filed for chapter 11 bankruptcy protection.
http://www.mining.com/producing-u-s-rare-earths-mine-goes-block-tomorrow/
http://www.mining.com/mountain-pass-sells-20-5-million/
