Molycorp (MCP) Major Rare Earth Supply Agreement with Hitachi Metals
Thank you for joining us. I am your host Yohemy Auerbach at CRWE Newswire Stocks to watch. Molycorp Incorporated - symbol MCP - has reached an agreement with Hitachi Metals to supply the company with rare earth magnetic materials. The three-year deal, which extends and expands upon an existing supply relationship between the companies, significantly increases the amount of rare earth materials that Molycorp will provide Hitachi Metals. Molycorp reported for the second quarter of 2011 revenue of $99.6 million, Up 278% over the prior quarter and more than 52 times the revenue generated in the same period a year ago. Molycorp is the only rare earth oxide producer in the Western Hemisphere and the largest rare earth oxide producer outside of China. Thank you for tuning in, have a great day. For CRWE Newswire, Stocks to watch, I’m Yohemy Auerbach.