Tuesday, October 4, 2011

Molycorp Rallies Ahead of Rare Earth Deposit Announcement

Shares of Molycorp, Inc. (NYSE: MCP) rallied more than 5% in Tuesday's pre-market trading following reports in the New York Times the company is set to announce a "so-called heavy rare earths" rocky outcropping in Southern California at a Department of Energy conference in Washington later today. The ore deposit is near Mountain Pass, Calif. and would require very little strip mining, Molycorp’s chief executive, Mark Smith was quoted as saying. Stay tuned for more.

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