Company Profile

Company Description:

Rare Earths, or “Green Elements,” are critical to enabling and furthering the many green energy technologies, high tech applications and defense systems on which our nation’s economy, security and future depend. We refer to these as “Rare Earth Dependent Technologies” because they cannot be produced without Rare Earth materials. Currently, Rare Earth Dependent Technologies are nearly 100% reliant on Chinese-sourced materials. While in recent years China has managed to supply the entire world’s demand for Rare Earths, a dramatic shift is beginning to take place. As global requirements for Rare Earths continue to grow considerably (fueled primarily by the development and deployment of green energy technologies like hybrid vehicles, energy efficient lighting and wind power), China’s own domestic use of its resources is also soaring—with internal consumption presently at about 60% of production and rising rapidly. The best plan for ensuring the future security of America’s Rare Earth Dependent Technologies is developing a strong domestic Rare Earth industry based on the responsible use of our own strategic reserves. Fortunately, the U.S. has one of the world’s largest and richest Rare Earth deposits at Molycorp Minerals’ facility in Mountain Pass, California. At Mountain Pass we are producing certain Green Elements and plans are in place to bring the facility back into full production following an extensive modernization and expansion project. With appropriate federal assistance for research, development and capital costs, Molycorp Minerals is prepared to move forward to reestablish domestic manufacturing capacity on an expedited basis.