Bought MCP @ 31.50

Sumitomo Corp. (SSUMY) and Mitsubishi Corp. (MSBHY) have approached Molycorp, with an eye toward ensuring stable domestic supplies as Chinese imports decline, The Nikkei reported. Sumitomo has begun discussing the details of acquiring a stake in Molycorp Inc. (MCP). The trading house will import cerium, lanthanum and neodymium, among other rare earths used in such applications as polishing agents and motors. 


Molycorp, Inc. is a rare earth oxide (REO) producer in the Western hemisphere and own most fully developed rare earth project outside of China. The Company has made investments, and focuses on investing in developing applications for individual rare earth elements (REEs). The Company estimates total proven and probable reserves of 2.21 billion pounds of REO, with an average ore grade of 8.24%, using a cut-off grade of 5%, at its Mountain Pass mine. At its Mountain Pass facility, the Company mines, crushes, mills and separates rare earth ore to produce individual REEs. It holds a 30-year mine plan permit and an associated environmental impact report, both of which were issued during the year ended December 31, 2004.

Headquarters:5619 Denver Tech Center Parkwa Suite 1000 Greenwood Village, CO 80111

Web Address:http://www.molycorp.com