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.
