Molycorp, Inc. has purchased the remaining shares of Molycorp Silmet AS, one of only two rare earth processing companies in Europe. Molycorp now owns 100% of the Sillamäe, Estonia-based facility, known as Molycorp Sillamäe.
On 1 April 2011, Molycorp purchased a 90.023% stake in AS Silmet in a transaction valued at approximately $89 million. The purchase price for the remaining shares was proportionately the same as the price of the original share acquisition.
Mark A. Smith, Molycorp’s President and CEO,noted that Molycorp recently succeeded in establishing neodymium metal production at the Sillamäe facility, achieving another key milestone in Molycorp’s build-out of a global mine-to-magnets manufacturing supply chain.
With offices in the US, Europe, and Japan, Molycorp, Inc. is the only rare earth oxide (REO) producer in the Western Hemisphere and the largest REO producer outside of China. In addition to its current production of rare earth oxides at its flagship rare earth mine and processing facility at Mountain Pass, California, the company produces rare earth metals, rare earth alloys (such as neodymium-iron-boron and samarium-cobalt alloys) and rare metals such as niobium and tantalum.
The rare earths and rare metals Molycorp produces are critical inputs in existing and emerging applications including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high-tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies.