Monday, December 6, 2010

Molycorp Soars On Reports of Sumitomo Stake

Shares of rare earth oxide producer Molycorp Inc. (NYSE: MCP) soared more than 11% after Nikkei English News reported Sumitomo Corp. may buy a stake in the U.S. company. According to media reports, Sumitomo, Japan’s third-largest trading company, may agree to buy a stake in Molycorp, owner of the world’s largest non-Chinese deposit of rare-earth metals, rose the most in three months. Stay tuned for more. 

Full disclosure: None.
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