Molycorp raises money to renovate Mountain Pass mine
With the close of a debt offering, Molycorp announced that it had raised the $781 million it needs to renovate its rare earth mine at Mountain Pass, Calif.
On Wednesday, Molycorp sold
$230 million in notes with a 3.25 percent interest rate to finish the funding package. Other elements had been put in place over the last year. The notes will mature in 2016 and can be repaid by conversion into stock.
Also, insiders reaped $586.5 million by selling 11.5 million of their shares. None of the proceeds go to the company.
Late last year, Molycorp started rebuilding and expanding the decades-old mine at Mountain Pass, about 15 miles south of Primm.
