The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

Molycorp Declares Preferred Dividends

Thursday, May 03, 2012

Molycorp Declares Preferred Dividends07:00 EDT Thursday, May 03, 2012 GREENWOOD VILLAGE, Colo. (Business Wire) -- Molycorp, Inc. (NYSE: MCP), the Western hemisphere's only producer of rare earth oxides (REO) and the largest 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 June 1, 2012 to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on May 15, 2012. As of May 1, 2012, 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 one of the world's leading rare earths and rare metals companies.  Fully integrated across the rare earth mine-to-magnets supply chain, it currently produces rare earth oxides at its flagship rare earth mine and processing facility at Mountain Pass, California, as well as rare earth metals, rare earth alloys, and the rare metals niobium and tantalum. Through its joint venture with Daido Steel and Mitsubishi Corporation, Molycorp expects to begin manufacturing next-generation, sintered neodymium-iron-boron (NdFeB) permanent rare earth magnets in 2013.  The rare earths and rare metals that 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 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