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 (AMEX:
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 (NYSE:
TC), Titanium Metals ( TIE), and RTI International Metals (NYSE: RTI).
For MarketNewsVideo.com, Iím Sayoko Murase.
Monday Sector Leaders: Auto Parts, Beverages & Wineries
Related symbols: UQM, BLDP, ROX, SODA
Monday Sector Laggards: General Contractors & Builders, Non-Precious Metals & Non-Metallic Mining Stocks
Related symbols: HXM, TMHC, WRN, SID
Friday Sector Leaders: Defense, Auto Dealerships
Related symbols: ARTX, ATK, PRTS, PAG
Monday's ETF Movers: XLV, GXC
Related symbols: ALXN, AMGN, DANG, PWRD, GXC, XLV
Monday's ETF with Unusual Volume: FEM
Related symbols: FEM, HIMX, YOKU
SHY, FXB: Big ETF Outflows
Related symbols: SHY, FXB
Daily Dividend Report: VZ, PBA, GNTX, MFA
Related symbols: VZ, PBA, GNTX, MFA
Daily Dividend Report: HRC, TCO, AMT, CVS
Related symbols: HRC, TCO, AMT, CVS
Daily Dividend Report: NMFC, MITT, AE
Related symbols: NMFC, MITT, AE
Weekly Market Wrap: March 7, 2014
Related symbols: GD, TCO, HRC
Weekly Market Wrap: February 28, 2014
Related symbols: M, TOL, TGT
Weekly Market Wrap: February 21, 2014
Related symbols: SIG, ZLC, KO, WMT, DISH
Week Ahead Market Report: March 10, 2014
Related symbols: AEO, GMO, DG, ANN
Week Ahead Market Report: March 3, 2014
Related symbols: RSH, BYD, ALG, VLP
Dow Movers: JPM, WMT
Related symbols: JPM, WMT
All videos » |
Stock market definitions »
Molycorp Announces Joint Venture With Hitachi Metals
| Market News Video | Copyright © 2008 - 2014, All Rights Reserved
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.