Molycorp to raise 240 Million dollars in IPO for REE mine

摘要

Molycorp, owner of the Mountain Pass rare earth element (REE) mine in California, is going ahead with an initial public offering (IPO) topping US$420 million so it can ramp up North America's only current source of the metals needed for hybrid cars, wind power turbines and other high-tech applications. Developing new sources of REEs is becoming more important with time because China, which produces about 95% of the world's REE supply, is continually cutting its export quotas.