Sole US rare-earths miner Molycorp files for bankruptcy

AFP, NEW YORK: Molycorp, the sole US miner and producer of rare earth elements crucial in high-tech manufacturing, filed for bankruptcy protection on Thursday as it struggles with a mountain of debt.
Hit by falling prices for its minerals after China, the world’s largest rare earths producer, loosened controls on its exports, Molycorp said it was already moving to restructure its debt to remain in business.
“The actions we have taken today are important steps toward achieving a restructuring of our $1.7 billion debt with our major
creditor constituencies,” said Geoff Bedford, Molycorp president and chief executive, in a statement.

 

Sole US rare-earths miner Molycorp files for bankruptcy

AFP, NEW YORK: Molycorp, the sole US miner and producer of rare earth elements crucial in high-tech manufacturing, filed for bankruptcy protection on Thursday as it struggles with a mountain of debt. Hit by falling prices for its minerals after China, the worlds largest rare earths producer, loosened controls on its exports, Molycorp said it was already moving to restructure its debt to remain in business. The actions we have taken today are important steps toward achieving a restructuring of our $1.7 billion debt with our major creditor constituencies, said Geoff Bedford, Molycorp president and chief executive, in a statement.