New estimate boosts amount of usable ore at Molycorp mine
Rare-earth miner Molycorp said late Monday that said that a new estimate had boosted the amount of usable ore at its Mountain Pass, Calif., mine by
36 percent.
The latest assessment was performed by SRK Consulting, a mining industry specialist. The company found proven or probably ores of 18.4 million short tons, compared to the 13.6 million estimate two years ago.
The company revived Mountain Pass, about 15 miles south of Primm along Interstate 15, to meet the demand for rare earths. The ores are used in minute quantities in products such as hybrid cars and cellphones because they enhance the performance of magnets central to the devices' operation.
Shares of Molycorp lost $1.76, or 5.07 percent, Tuesday to close at $32.95 on the New York Stock Exchange.
