Molymet buy stake in Molycorp

Molymet to buy stake in Molycorp

8:46 PM, 2nd February 2012
Molymet to buy stake in Molycorp

GREENWOOD VILLAGE, US: Molycorp Inc announced that Molibdenos y Metales (Molymet) SA, the world’s largest processor of the strategic metals molybdenum and rhenium, has agreed to invest approximately $390 million in Molycorp in exchange for 12.5 million shares of Molycorp common stock. The price of the Molycorp shares to be purchased was valued based on the 20 day volume weight average share price as of the close of trading on 30 January 2012, plus a 10 per cent premium. Closing of the transaction is subject to the satisfaction of customary closing conditions, including the receipt of certain governmental regulatory approvals.

“We are making this investment in Molycorp because we are very bullish on the upside potential of the company, as well as the highly synergistic technologies and market positioning of our respective companies. Molycorp’s vision for growth and global supply chain integration is highly attractive to us, and I look forward to work with the company to help it achieve its long-term goals,” said John Graell, Executive Chairman and CEO, Molymet.

© WOC News



Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News

Mitsui Chemicals expands hydroquinone capacity in Japan

TOKYO, JAPAN: Mitsui Chemicals Inc announced a 1,000 tonne production augmentation of hydroquinone at its Iwakuni-Ohtake Works. Demand for hydroquinon ...

Read more
Praxair sells advanced components business to FM Industries

DANBURY, US: Praxair Inc has executed a definitive agreement by which Praxair sold its advanced components business to FM Industries Inc. FM Industrie ...

Read more
Foster Wheeler awarded contract for refinery modernization in Albania

ZUG, SWITZERLAND: Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction Group has been awarded a feasibility study ...

Read more
Yara and Apache acquire stake in Burrup Holdings

OSLO, NORWAY: Yara acquired 16 per cent of Burrup Holdings Limited (BHL) for $143 million, increasing its ownership share in the company to 51 per cen ...

Read more
BHP Billiton to sell stake in Richards Bay Minerals to Rio Tinto

MELBOURNE, AUSTRALIA: BHP Billiton has exercised an option to sell its 37 per cent non-operated interest in Richards Bay Minerals (RBM) to Rio Tinto a ...

Read more
Sealed Air update on W R Grace legal proceedings

ELMWOOD PARK, US: Sealed Air Corporation reported the US District Court of Delaware in the W R Grace bankruptcy denied all objections and confirmed Gr ...

Read more uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X