Molycorp Announces Joint Venture With Hitachi Metals Tuesday, December 21, 3:22 PM ET
MCP) said today it has entered into a joint venture agreement with Hitachi Metals for the production of rare earth alloys and magnets in the U.S.
The venture would focus on manufacturing neodynmium-iron-boron alloys and magnets used in clean energy, automotive, computer, health care, communications and other technologies.
The parties are expected to sign definitive agreements for a joint alloy venture by April 2011, and the signing of definitive agreements for the rare earth magnets venture will be later in 2011.
Molcyorp said the ventures are integral to its mine-to-magnets business plan. The company noted it is the only rare earth oxide producer in the Western Hemisphere.
Molcycorp shares are trading up over 1.4% Tuesday.
It is a top 10 holding of the Rare Earth/Strategic Metals ETF (NYSE:
REMX), at 5.05% of the portfolio, which is trading up 1% today.
Other U.S. listed stocks in the fund include Thompson Creek Minerals (
TC), Titanium Metals ( TIE), and RTI International Metals ( RTI).
For MarketNewsVideo.com, Iím Sayoko Murase.
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Molycorp Announces Joint Venture With Hitachi Metals
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