Molycorp CEO to Testify Before Congress On Rare Earth Supply Concerns

Molycorp Inc.’s President and Chief Executive Officer, Mark Smith, will testify before Congress on Wednesday, Sept. 21, 2011 on the subject of global rare earth supply concerns and on efforts to diversify the nation’s sources of these strategically critical materials.

“China’s Monopoly on Rare Earths: Implications for U.S. Foreign and Security Policy”

Smith will testify before the U.S. House Foreign Affairs Subcommittee on Asia and Pacific Affairs, chaired by U.S. Rep. Don Manzuallo (R-Ill.). The hearing, entitled "China’s Monopoly on Rare Earths: Implications for U.S. Foreign and Security Policy," begins at 1 p.m. on Sept 21 in Room 2172 of the House Rayburn Office Building. More information on the hearing can be found here.

Molycorp is the Western hemisphere’s only producer of rare earth oxides (REO), and the largest REO producer outside of China. It currently is working to complete a $781 million modernization and expansion of its flagship rare earth mine and manufacturing facility at Mountain Pass, California. Following the mechanical completion in 2012 of Phase 1 of this expansion project, known as "Project Phoenix," Molycorp will be producing at an annual rate of 19,050 metric tons of rare earths. After completing Phase 2 of its expansion project in 2013, Molycorp will have an annual production capacity of up to 40,000 metric tons.

With offices in the U.S., Europe, and Japan, Molycorp, Inc. is the only rare earth oxide (REO) producer in the Western Hemisphere and the largest REO producer outside of China. In addition to its current production of rare earth oxides at its flagship rare earth mine and processing facility at Mountain Pass, California, the Company produces rare earth metals, rare earth alloys (such as neodymium-iron-boron and samarium-cobolt alloys) and rare metals such as niobium and tantalum.

The rare earths and rare metals Molycorp produces are critical inputs in existing and emerging applications including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high-tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies.