Molycorp Inc. and Lynas Corp. both shed value in yesterday’s markets on the back of the bearish rare earth prices.
The debate on China’s rare earth continues to rage in the global press. The slide in rare earths prices, which yesterday caused Inner Mongolia Baotou Steel Rare Earth Hi Tech to issue a statement, last night impacted the share price of Australia’s Lynas Corp., and USA-based Molycorp.
Shares of Molycorp fell over 18% on the New York Stock Exchange (NYSE) on Tuesday on the back of an analyst note from investment bank JPMorgan, which downgraded Molycorp stock to ‘neutral’.
Lynas shares meanwhile shed almost 13%...
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