Molycorp Names Next President and CEO

Molycorp, Inc. has named Geoff Bedford, the Company’s current Executive Vice President and Chief Operating Officer and a 14-year rare earth industry veteran, as the Company’s next President and Chief Executive Officer. He will replace Constantine Karayannopoulos, who was appointed interim President and CEO in December 2012 and who will continue as a Director and Vice Chairman of the Molycorp Board of Directors.

Mr. Bedford will assume the President and CEO position effective December 2, 2013. During the transition period, Mr. Karayannopoulos will continue as interim President and CEO as Mr. Bedford takes on increasing responsibilities.

Mr. Bedford, 47, previously served as Executive Vice President and Chief Operating Officer of Neo Material Technologies until Molycorp acquired Neo Materials in June 2012. Prior to that, he served as Executive Vice President of the Performance Materials Division of Neo Materials from 2005 to 2011, and as Executive Vice President, Finance, and Chief Financial Officer, from 1999 to 2005.

“Geoff Bedford is one of the rare earth industry’s most seasoned and experienced leaders, and he led the successful effort over the past year to integrate Molycorp’s global team and our assets, facilities, and market strategies,” said Karayannopoulos. “His steady hand will ensure a smooth and seamless execution of our business plan, and his visionary leadership will help position the Company to take advantage of the many growth opportunities on our horizon.”

“Molycorp is very fortunate to have someone of Geoff’s caliber, expertise, and breadth of rare earth industry knowledge to assume the next generation of leadership of the Company,” said Ross R. Bhappu, Chairman of the Molycorp Board of Directors. “He has the operational experience as well as the deep knowledge of this Company to lead Molycorp to the next level of performance.”

Mr. Bedford is a Canadian Chartered Accountant holding a Bachelor of Science degree from the University of Western Ontario and a Masters of Business and Administration from Northwestern University’s Kellogg School of Management.