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Press release from Business Wire

Molycorp Declares Preferred Dividends

Wednesday, November 09, 2011

Molycorp Declares Preferred Dividends13:41 EST Wednesday, November 09, 2011 GREENWOOD VILLAGE, Colo. (Business Wire) -- Molycorp, Inc. (NYSE: MCP), the largest rare earth oxides (REO) producer outside of China, today announced that its Board of Directors has elected to declare a cash dividend on outstanding shares of its 5.50% Series A mandatory convertible preferred stock in an amount equal to $1.375 per share. Molycorp will pay the dividend on December 1, 2011 to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on November 15, 2011. As of Nov. 8, 2011, there were a total of 2,070,000 shares of Series A mandatory convertible preferred stock outstanding. About Molycorp, Inc. With offices in the U.S., Europe, and Japan, Molycorp, Inc. is the largest rare earth oxide (REO) producer outside of China. In addition to its current production of REO at its flagship rare earth mine and processing facility at Mountain Pass, California, the Company produces rare earth metals, rare earth alloys (such as neodymium-iron-boron and samarium-cobalt alloys) and rare metals such as niobium and tantalum. The rare earths and rare metals Molycorp produces are critical inputs in existing and emerging applications including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high-tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies. For more information please visit http://www.molycorp.com Molycorp, Inc.Jim Sims, +1 303-843-8062Vice President Corporate CommunicationsJim.Sims@Molycorp.comorBrian Blackman, +1 303-843-8067Senior Manager, Investor RelationsBrian.Blackman@Molycorp.com