Molycorp announced on August 26 that it will suspend production at its Mountain Pass, California, rare earth facility no later than October 20. The company is placing the site, including idled machinery and equipment, on care and maintenance to ensure that it remains in a safe and stable condition and that government regulatory commitments are met.
Molycorp will continue to serve its rare earth oxide customers through production facilities in Estonia and China.
The announcement noted that rare earth pricing has declined dramatically over the past four years, which was a key factor in the decision to suspend rare earth production at Mountain Pass.
Molycorp announced on June 25 that it and its North American subsidiaries, together with certain nonoperating subsidiaries outside of North America, had filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. Molycorp has not reported a profit since 2011.
