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Transaction Will Create Global, Vertically Integrated Rare Earth Technology Leader and Will Give Molycorp a Greater Range of Products and Increased Sales Opportunities Across Asia

TRANSACTION HIGHLIGHTS

    The transaction will combine Molycorp’s world-class rare earth resource and low-cost production from its ProjectPhoenix with Neo’s proven leadership in the development, processing, and distribution of technically advanced rare earth products.
    The transaction will give Molycorp greater exposure to the world’s largest and fastest-growing rare earth consuming nation - China - which now comprises about 70% of global rare earth consumption.
    The transaction leverages Neo Materials’ existing infrastructure to allow Molycorp to ramp up its overall production once Project Phoenix Phase 2 production begins in 2013.
    The transaction expands Molycorp’s production capabilities to include Neo Materials’ Magnequench patented magnet powder portfolio used to produce neodymium-iron-boron (NdFeB) bonded rare earth magnets.
    The transaction expands Molycorp’s strategic rare metals portfolio to include gallium, rhenium, and indium, which are used in advanced electronics, photovoltaic, aerospace, catalytic converters, and lighting industries.
    The combination is expected to be accretive to Molycorp’s 2012 earnings and cash flow.  Significant identified synergies are expected to further strengthen Molycorp’s financial performance beyond 2012.

GREENWOOD VILLAGE, CO & TORONTO, ON, March 8, 2012 /CNW/ – Molycorp, Inc. (NYSE:MCP) (“Molycorp”) and Neo Material Technologies Inc. (TSX:NEM) (“Neo Materials” or “Neo”) today announced the signing of a definitive agreement under which Molycorp will acquire Neo Materials for approximately CDN $1.3 billion.  This will create one of the most technologically advanced, vertically integrated rare earth companies in the world.

“This transaction will link two unique companies – one with a world-class, high-quality resource, and the other with world-class rare earth product design and processing capabilities,” said Mark A. Smith, Molycorp’s President and Chief Executive Officer.  “Neo Materials is recognized throughout the industry for its exceptionally high-quality production and processing capabilities, its patented technology platform, and its ability to consistently meet demanding customer specifications.  With this combination, Molycorp will be in a unique position to enhance our time to market and provide new global customer segments with rare earth metals, oxides, and alloy powders that are unmatched today.  We see significant opportunities for growth as well as powerful synergies through this transaction.”

Transaction Terms

Under the agreement, which was unanimously approved by the two companies’ boards of directors, Neo Materials shareholders will receive consideration equal to CDN$11.30 per share, comprising of CDN$8.05 per share in cash and 0.122 Molycorp shares based on Molycorp’s 20-day volume weighted average price of US$26.66. Neo Materials shareholders will have the right to elect their preferred consideration mix of cash and newly issued Molycorp common stock, with the total consideration being approximately 71.2 percent cash and approximately 28.8 percent Molycorp common stock.  The CDN$11.30 per share represents a premium of approximately 42 percent to Neo Materials’ closing share price of CDN$7.97 on March 8, 2012.

A summary of the details of the transaction can be downloaded here.  The transaction will be implemented through a court-approved Plan of Arrangement under Canadian law and is subject to the approval of Neo Materials shareholders, relevant regulatory approvals, and other customary closing conditions.  The transaction is expected to close in the second or third quarter of 2012.

Molycorp intends to finance the majority of the cash portion of the consideration and has obtained a committed financing facility from Morgan Stanley and Credit Suisse.  Permanent financing is expected to include long-term debt, existing cash on hand of the combined company, and the proceeds from any equity issuances.  Funds allocated to Project Phoenix Phase 1 and Phase 2 will not be used for this transaction.

The Combination of Molycorp and Neo Materials

The combination of Molycorp and Neo Materials will expand Molycorp’s geographic footprint across 11 countries and provide leading product development, research, and sales capabilities. Additionally, Molycorp will gain cutting-edge technologies and will leverage Neo Materials’ years of processing experience and knowledge, to better service the Company’s customer base as well as new customer segments. This transaction brings to Molycorp Neo’s direct operating and sales channels in China, the world’s largest and fastest growing rare earth consuming nation.  In 2010 and 2011, Neo Materials’ sales to China and Japan, collectively, accounted for approximately 68 percent and 64 percent of sales, respectively.

The combination will expand Molycorp’s technology portfolio to include production of magnetic powders, and rare metals including gallium, indium and rhenium, as well as zirconium oxide.  This will enable Molycorp to produce and market materials that are integral to a wide variety of strategic technologies, including advanced electronics, thin film photovoltaics, LEDs, flat screens, super alloys, catalytic converters, mobile and smart phones, magnets, batteries.  The addition of Neo Materials’ expertise also will provide entry for Molycorp into customer segments requiring value added, rare earth and rare metal production capabilities – up to 99.99999% purity for some elements.

“The industrial logic of this combination is highly compelling,” said Constantine Karayannopoulos, President and Chief Executive Officer, Neo Materials.  “We will be vertically integrating the world’s best rare earth resource outside of China with the world’s best rare earth processing technology company.  The new enterprise will have the broadest global coverage in the industry, as well as a strategic position in high-value magnetic materials and rare and other strategic metals.  We look forward to this transaction and believe our employees, partners, shareholders, and customers around the world will benefit greatly as a result.”

Smith added, “The combination of our businesses enhances our Mine-to-Magnets vision and places Molycorp in all steps of the vertical rare earth supply chain, reaching many new consumer segments across the globe.  It also allows us to reach new and highly specialized niche segments that require value added, specialty products, given Neo Materials’ downstream high value added materials for rare earth applications – a key differentiator and rationale behind this transaction.  We continue to place a high value on the expertise, dedication, and commitment to excellence that Neo Materials’ people will bring to our company, and I look forward to a rapid and seamless integration of our organizations.”

“The Board of Directors and I believe the growth and profit potential of this combination will be immediately accretive to Molycorp’s earnings and will position the Company for strong returns for the future,” Smith concluded.

Additional background information on Neo Materials can be seen in the “Corporate and Investor Info/Presentations” section of Neo Materials’ website, located here.

Conference Call With Molycorp and Neo Materials Leaders at 8:30 a.m. Eastern Friday, March 9

Molycorp and Neo Materials will conduct a conference call tomorrow morning to discuss this announcement at 8:30 a.m. EST, hosted by Mark Smith, Chief Executive Officer, Molycorp, Inc. and Constantine Karayannopoulos, Chief Executive Officer, Neo Materials.  Investors interested in participating in the live call from the U.S. and Canadashould dial +1 (800) 322-5044 and reference passcode number 58842419. Those calling from outside the U.S. andCanada should dial +1 (617) 614-4927 and use the same confirmation number.  A telephone replay will be available approximately two hours after the call concludes through March 16, 2012 by dialing +1 (888) 286-8010 from the U.S. and Canada, or +1 (617) 801-6888 from international locations, and entering passcode: 54274285.

There will also be a simultaneous live audio webcast available on the Investor Relations section of Molycorp’s website at http://www.molycorp.com/investors. The webcast will be archived on the website for 90 days.

Re Bonjour Yam,

Pas très chaud pour le moment !

http://www.mining.com/2012/04/26/we-nee … ign=digest

bonsoir birdie
je m'excuses pour t'avoir donner une fausse information par rapport aux shorts sur mcp( molycorp), en fait  au 13 avril 2012 le nombre de shorts est de 21,23 millions soit 39,80% et non pas 20% milles excuses yam

Molycorp stock is following rare earth prices over a cliff
Frik Els | May 11, 2012

Strong revenue growth and a production ramp-up failed to give Molycorp a boost on Friday with the stock falling almost 2% by the close.

The Colorado company, in the process of restarting full-scale mining and processing at Mountain Pass in California, after the close on Thursday announced Q1 revenues tripled to $84.5 million despite a drop in average rare-earth oxide selling prices.

Average prices were significantly up compared to Q1 2011 but fell 20% to $95 a kilogram from $120 a kilogram in the final quarter of last year.

In a conference call Molycorp CEO, Mark Smith said margins are expected to face further "headwinds" this year, particularly during the first half.

Molycorp also said it is on track to achieve its Phase 1 annual production rate of 19,050 tonnes by the end of Q3. Its ultimate production target is 40,000 tonnes.

Friday's share price slide brings Molycorp's losses over the past 12 months to 60.1%. The counter was changing hands in New York for $24.93 down 1.97% on Friday affording it a $2.45 billion market capitalization. Molycorp shares were worth $34.71 a month ago and hit a high of $77.54 on May 3 2011.

Molycorp remains on track to become the largest rare-earth miner outside China which accounts for more than 90% of rare earth production in the world, and is also the biggest consumer.

Molycorp's mould-breaking deal with Neo Material Technologies in March gave Molycorp access to advanced rare earth processing capabilities, specifically the Toronto company's patented magnet technology, and a sales channel into China for the 17 elements.

Some analysts believe the vertical integration achieved by a Molycorp-Neo Material tie-up is an industry game changer that will kick-start demand after a period where REE consumers in the automotive, high tech and green energy industries scrambled to find alternatives.

Others have in the past pointed to the fact that China's total dominance of production means that they can change market dynamics easily and quickly.

Rather than easing the pressure on manufacturers who need rare earths or stimulating the market, China’s strategic decisions on quotas and industry consolidation are aimed at cutting off at the knees development of mining projects outside its borders.

The declines in rare earth oxide prices have accelerated this year with some more abundant rare earth elements such as lanthanum crashing by more than 70%. While heavy and scarcer REEs such as dysprosium have generally held up better, many have also experienced price declines of 50% or more.

Re Yam  cf  chat de ce midi

Je n'ai pas retrouvé l'article dans mining digest qui parlait des problèmes que la chine rencontre avec ses rées mais voici pile ce qui conforte dans ce sens.

   
The Metal’s Edge
Back
The Rare Earth Dilemma: China’s Rare Earth Environmental and Safety Nightmare
Cindy Hurst    November 15th 2010
Cutting Edge Energy Writer

Last week, the Cutting Edge News published the first article of a three-part series about rare earth elements, which focused on their role in energy security. This is the second of three articles, focusing on some of the environmental implications of rare earth elements.
The topic of rare earth elements (REE) has been drawing a lot of attention from the international media and at the Congressional level. China currently has an iron grip on the REE industry, supplying over 95 percent of the world’s needs. This is significant because REEs are used in hundreds of high tech applications, including cellular telephones, laptop computers, iPods, critical military applications, and green technologies.
In an effort to reduce dependence on foreign imported oil and natural gas, many countries are turning more and more to green technologies, such as wind powered generators, plug-in hybrid vehicles, and energy saving compact fluorescent lamps, all of which require an abundance of REEs.
The fact that REEs are needed for green technologies is shrouded in irony because of the potential environmental implications of mining and processing them.
Mining and processing REEs presents environmental risks. Whereas the U.S. observes strict environmental policies on mining and other activities, a major concern surrounding China’s practice of mining REEs is the negative impact it has had to the environment due to lax mining practices. Unfortunately, because of the revenue potential, many rare earth mines have been operating illegally, or with little supervision and little to no regulation, causing severe environmental hazards.
According to an article published by the Chinese Society of Rare Earths, “Every ton of rare earth produced generates approximately 8.5 kilograms (18.7 lbs) of fluorine and 13 kilograms (28.7 lbs) of dust; and using concentrated sulfuric acid high temperature calcination techniques to produce approximately one ton of calcined rare earth ore generates 9,600 to 12,000 cubic meters (339,021 to 423,776 cubic feet) of waste gas containing dust concentrate, hydrofluoric acid, sulfur dioxide, and sulfuric acid, approximately 75 cubic meters (2,649 cubic feet) of acidic wastewater plus about one ton of radioactive waste residue (containing water).” Furthermore, according to statistics conducted within Baotou, where China’s primary rare earth production occurs, “all the rare earth enterprises in the Baotou region produce approximately ten million tons of all varieties of wastewater every year” and most of that waste water is “discharged without being effectively treated, which not only contaminates potable water for daily living, but also contaminates the surrounding water environment and irrigated farmlands.”
The disposal of tailings also contributes to the problem. Tailings are the ground up materials left behind once the rare earth has been extracted from the ore. Often, these tailings contain thorium, which is radioactive. Generally, tailings are placed into a large land impoundment and stored. In the United States strict controls are put into place and permits are required to store tailings. According to Wang Caifeng, China’s Deputy Director-General of the Materials Department of the Ministry of Industry and Information Technology, producing one ton of REEs creates 2,000 tons of mine tailings. Wang said that China has sacrificed greatly in its extraction of rare earths.
While it has been taking steps to solve the problem, China still has a way to go before it achieves any semblance of control over the environmental damage that occurs from its mining and processing of REEs. According to a representative of one Chinese factory in Baotou, Inner Mongolia, money is one of the key issues behind the environmental damage from REEs. The representative pointed out that while companies will put some money toward more environmentally friendly mining processes, others opt to keep those expenses at a minimum to maintain their competitive edge in the market. The costs associated with environmental improvements are absorbed by the customers. Another factor within China’s industry is that the land belongs to the government and not to the factories. Therefore, if a rare earth producer pays a large sum of money for machinery or processes that are more environmentally friendly, that investment could be suddenly lost because the government can choose to take back the land for any number of reasons, such as building a new road through the property. This reduces the incentive to meet any type of environmental standards. Furthermore, the Chinese government does not provide any financial support to help companies meet environmental standards.
In Bayan Obo, the ore is mined and then transported back to Baotou via open railway cars, where it is then processed. Unfortunately, with old, outdated technology, equipment, and little oversight, the waste finds its way into the Yellow River, which passes by the south side of Baotou and travels another 1,300 miles, through mountainous terrain as well as through heavily populated areas before finally dumping into the Yellow Sea.
In 2005, Xu Guangxian, who is considered the father of China’s rare earth industry, wrote that thorium was a source of radioactive contamination in the Baotou area and the Yellow River. This seems to also be born out by local observers, such as one local man who stated, “In the Yellow River, in Baotou, the fish all died … They dump the waste— the chemicals into the river. You cannot eat the fish because they are polluted.” Some 150 million people depend on the river as their primary source of water.
Under traditional technology means, refining REEs requires such chemicals as ammonium bicarbonate and oxalic acid. The potential health hazards of ammonium bicarbonate include: irritation to the respiratory tract if inhaled, irritation to the gastrointestinal tract if ingested, redness and pain if it comes in contact with the eyes, and redness, itching, and pain if it comes in contact with the skin. Oxalic acid is poisonous and potentially fatal if swallowed. It is also corrosive and causes severe irritation and burns to the skin, eyes, and respiratory tract, is harmful if inhaled or absorbed through the skin, and can cause kidney damage. These and other chemicals often find their way into the Yellow River.
Rare earth extraction also takes place in Jiangxi province, and is reportedly more damaging to the environment than the operations in Baotou. In September 2008, villagers in Pitou county blocked lorries carrying chemicals and picketed the council. These villagers were angry because their fields had been ruined by the acid pumped from a “makeshift” rare earth processing plant into the earth. According to a woman, who would not reveal her name because her husband is still in prison for protesting, “We farm rice but cannot harvest anything any more. Fruit trees don’t bear fruit any more. Fish die in the river. We used to wash in the river and lots of fish would come to us, but there are none left. Even the weeds died.”
While China might have general pollution control standards, the country has never actually worked out pollutant discharge standards for the rare earth industry. As the rare earth industry in China has rapidly grown, there was no effective way to control the usual pollutants such as ammonia, nitrogen, and thorium dust, which are emitted during the production phase. Furthermore, general health and safety regulations are often ignored for a number of reasons, including:
•The industry is too large, presenting numerous challenges when trying to monitor it.
•People and companies are not being held accountable. For example, in Western society, if an employee dies or becomes ill, repercussions could include a lawsuit or life-long pension, which the company is obligated to fulfill. In China, however, such actions do not exist.
Environmental issues behind the mining of REEs are a huge concern. The differences between Western mining efforts and those seen in China today are staggering. Aware of the problem, the Chinese government is reporting to be trying to find ways to improve the situation.
In July 2009, the Ministry of Environmental Protection organized the “Rare Earth Industry Pollutant Discharge Standards.” These new standards will, it is hoped, “eliminate backward production abilities and promote the upgrading and updating of China’s rare earth industry.”
The Ministry of Environmental Protection set discharge standards for six types of atmospheric pollutants—sulfur dioxide, particles, fluoride, chlorine, hydrogen chloride, and sulfur trioxide. For water pollutants, discharge standards were set for 14 types of pollutants, including fluoride, total phosphorous, total carbon, total nitrogen, and ammonia nitrogen. In many southern regions with lakes, the new standards implement special discharge limits for ammonia nitrogen discharge concentrations. These new standards are split into two parts, one part for existing enterprises and the other part for newly built enterprises. Under the new standards, rare earth enterprises are required to increase their investment in environmental protection and improve production technologies and costs.
Of course, whether or not these new standards are ever successfully fully implemented remains to be seen. Based on China’s production of 150 tons of REEs, the cost for producers to implement some of the environmental protection efforts would be 1.1 billion yuan ($161 million) and there would be additional annual environmental protection costs of about 280 million yuan ($41 million) for the concentration of water pollutants discharged industry-wide. This would add an additional cost of 1,000 to 1,500 yuan ($145 to $220) to production costs for every ton of product.
While implementing stricter standards would be ideal for the environment, as long as producers feel as though their investments toward meeting these standards are not secure and the Chinese government does not provide some type of financial incentive, the Chinese government might be hard pressed to fulfill these standards in the end.
Only time will tell if cleaning up the environment in China is achievable. On a positive note, according to some experts, China has been taking steps to crack down on illegal mining, where the worst damage is taking place, and consolidating larger operations under state owned enterprises to give the government better control over the industry.
In the past, China has been able to operate its rare earth mines at one third the cost in part because of the country’s lax environmental standards. Additionally, efforts to clean up China’s environment will require government funding and increased oversight, which will likely cost billions of dollars. Some analysts believe it will be years before China is able to clean up its environment.
Like environmental standards, safety standards in China have also historically been lax. “People in their 30s have died of cancer working around the mines, possibly from radioactive materials,” said one local source. “I visited a factory many times. When I visit a factory or workshop, I tell the director of the workshop, ‘would you tell the laborers to put their mask on when they are doing their job?’ He said, ‘Oh yeah. We do every time, but it’s too hot. They don’t want to keep their mask on.’ You can see that the air is dirty and they are breathing it all in.” The most common disease in Baotou is pneumoconiosis, better known as black lung. There are 5,387 residents in Baotou who suffer from black lung, which makes up more than 50 percent of the cases in the autonomous region.
What is ironic about the rare earth dilemma is that China needs to cut back its production and regain control of its industry so that it can figure out how to decrease the environmental damage caused by the industry. Meanwhile, the rest of the world needs these REEs to help clean up the environment through the innovative application of green technologies. Perhaps the only way China can resolve these issues is to cut back its production of REEs. It appears impossible for the country to meet the global demand for REEs, while also meeting its own domestic environmental and safety needs.
Cindy Hurst is an analyst for the U.S. Army’s Foreign Military Studies Office in Fort Leavenworth, KS. Her views do not represent the Department of Defense.

@Praline

Bien sûr Lynas corp est bien connu . Une société Australienne , un penny stock en chute de 83 % en 3 ans  dont plus de 50 % cette année.

Qui donc conseille ce titre ?

Bon dimanche