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Molycorp Reports Strong Second Quarter Results Driven by Rare Earths

By Joel ScanlonAug 14 2011

Molycorp, Inc. announced its second quarter results with a record net sales of $99.6 million in the quarter. This was contributed to by a 58% increase in sales of rare earth oxides as compared to the previous quarter. The company saw a 314% increase in year over year rare earth alloy sales.

Their modernization and expansion at the flagship Mountain Pass project in California is also on time and on budget. They hope that the Mountain Pass project will have an annual Phase 1 production of 19,050 metric tons of REOs by the end of 2012. The revenue at the project has grown 130% to $60.3 million as a result of intercompany sales.

Mark Smith, Molycorp President and Chief Executive Officer said that they were very pleased with their accomplishments this quarter, as they had successfully completed two acquisitions that advanced their vertically integrated mine-to-magnets strategy.

The net income to the common stockholders is calculated at $43.5 million working out to $0.52 per fully diluted share. This is a major upward swing given that in the first quarter of the year 2011 the company had declared net losses attributed to $3.4 million working out to $ 0.04 per share.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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Scanlon, Joel. (2019, March 19). Molycorp Reports Strong Second Quarter Results Driven by Rare Earths. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=4715.
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