Sumitomo to invest $130m., secure Molycorp rare earth supplies

By Mark Watts
Published: Friday, 10 December 2010

Japanese trader clinches off-take deal, agrees to help fund Mountain Pass project

Japanese trading house Sumitomo Corp. has agreed to invest $130m. in Molycorp’s Mountain Pass rare earths project in California in exchange for supplies of the strategic minerals.

The companies signed a memorandum of understanding (MOU) whereby Sumitomo will acquire $100m. of Molycorp’s common stock and provide $30m. in debt financing....

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