Molycorp Completes $390 Million Strategic Investment

Molycorp, Inc. has announced the closing of its previously announced placement of 12.5 million shares of Molycorp common stock with Molibdenos y Metales S.A. (Molymet), for approximately $390 million.

As previously disclosed, proceeds from the Molymet investment will be used by Molycorp for general corporate purposes and to bolster Molycorp’s strategic flexibility, and will likely be used to finance a portion of the cash purchase price of Molycorp’s recently announced acquisition of Neo Materials Technologies, Inc.