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Diversifying Global Manufacturing of Rare Earth Materials Posted on 1/3/2012 8:07:00 PM
Chairman of the Board
As we start the New Year, 2012 will see Molycorp deliver on many important milestones, including the start-up of our new production facilities at Mountain Pass and expansion of our capabilities across the mine-to-magnets supply chain. It also will see significant advancement of our goal to diversify global capabilities in manufacturing that relies on rare earths and other critical materials.
I'm particularly excited about the rapid progress we are making in our joint venture with Daido Steel and Mitsubishi Corporation to manufacture next-generation neodymium-iron-boron (NdFeB) magnets. Construction of this high-tech manufacturing plant in Japan has already begun, and operations are expected to commence as early as January 2013. Molycorp and our joint venture partners expect to eventually expand this magnet making operation to the U.S. and elsewhere.
The technology that this joint venture will employ is a new and novel approach which allows for the manufacture of NdFeB magnets that deliver greater performance with less reliance on dysprosium, a relatively scarce rare earth element. The process also results in higher production yields, allowing us to better utilize our valuable resources. This is yet another example of Molycorp's commitment to continually pushing the edge of the technology envelope in all that we do and it results in lower costs, longer resource life and ultimately higher profitability.
Our magnet manufacturing initiative is a critical milestone for our company and our broader mine-to-magnets vertical integration strategy. However, it is an equally important milestone in the effort to diversify global capabilities in advanced technology manufacturing that utilizes rare earth elements. Over the past 20 years, production of rare earth materials, and the technologies associated with that production, have become increasingly centralized in China. Not only have rare earth-dependent manufacturers had to source virtually all of their rare earths from China, but some have felt the need to relocate manufacturing facilities to China in order to secure future rare earth supplies.
Molycorp is working to provide manufacturers around the globe more supply options. The vertically integrated, rare earth mine-to-magnets supply chain we are building will allow us to:
• Mine, mill, and manufacture separated rare earth materials;
• Produce rare earth metals;
• Produce rare earth alloys, such as neodymium-iron-boron (NdFeB) and samarium-cobalt (SmCo); and
• Manufacture next-generation NdFeB magnets.
Providing more diversity in global rare earth supply and manufacturing supply chains will be good for all consumers on a global basis. As China continues to consume more of its own rare earth production, and understandably restricts its rare earth exports to the rest of the world, Molycorp will be ready to step up and help meet rising demand outside of China.
Throughout 2012, you will see Molycorp continue to deliver on critical milestones as we advance our business plans. The entire Molycorp enterprise – the Board and the company’s 958 dedicated employees – are very excited about what is yet to come.
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