US-based rare earths miner Molycorp Inc.
is to utilise a 30 day grace period on a $32.5m semi-annual
interest payment on its senior notes due in 2020.
The company said that the move would not
trigger any cross-default provisions in other outstanding
company debts prior to the end of the grace period and that it
should not affect current operations.
After riding the rare earths pricing
bubble in 2010, when China, the monopolistic supplier chose to
restrict exports over a territory dispute, Molycorp has found
the rare earths market tough since it began producing
concentrates in 2012.
The company has continually made large quarterly financial
losses and faces a delisting from the New York Stock
Exchange should its share price trajectory not change.
Also headquartered in the US,
Texas Rare Earth Resources Corp. (TRER) has
produced a commercially marketable mid-heavy rare earth
concentrate product from its mineralised rhyolite Round Top
deposit, located 85 miles southeast of El Paso using process
technology from K-Technologies Inc.
By using K-Technologies’
continuous ion chromatography (CIC) process, TRER hopes to
first separate light, mid and heavy rare earths streams, before
further separating these streams into individual rare earths
"Removing the low value lanthanum and
cerium at an early stage with minimal separation effort bodes
well for the overall efficiency and economy of this process and
also provides us the option of making a marketable
praseodymium/neodymium plus mid-heavy rare earth concentrate,"
Dan Gorski, the company’s CEO, said.
"We intend to examine the economic
possibilities of producing and marketing such a concentrate.
However, our primary objective over the short term is to use
the CIC process to refine further the mid-heavy concentrate and
to produce individual high purity rare earths products that
meet all commercial specifications," Gorski added.
TSX-listed Commerce Resources
Corp. has announced a number of results from the first
of eight drill holes at its recently completed winter-spring
drilling programme for the Ashram rare earths project in
Drill hole EC15-116 encountered 34.53
metres of ore at 2.12% total rare earth oxides (TREO), while
others registered 60.83 metres at 2.03% TREO and 25.23 metres
at 2.04% TREO.
Commerce said that the drilling programme
had been initiated primarily to increase the resource
confidence from its current inferred category to the measured
and indicated categories, which is required for its
prefeasibility study on the project.
Each of the eight drill holes was located
along the eastern margin of the deposit and was successful at
further delineating the mineralisation at Ashram, Commerce
Montreal-based Geomega Resources
Inc. has seen funding totalling Canadian dollar (C$)
204,500 ($164,200*) granted to partners that will aid the
development of the chemical processes required to extract rare
earths from the company’s Quebec-located Montviel
project in Canada.
Benoit Plante and Mostafa Benzaazoua
received the grant from the Natural Sciences and Engineering
Council of Canada (NSERC) to study the geochemical behaviours
of rare earth element mine discharges.
"With the process flow sheet now
completed, targeted work will be used to predict the
geochemical behaviour of the tailings and different lithologies
of the Montviel project for sound environmental management,"
Geomega’s chief geologist and geochemist, Mia
"Overall, the expertise and scientific
data collected as part of our geochemical characterisation
programme will be put at the disposal of the different
researchers and governmental bodies in charge of establishing
environmental criteria for the mining of rare earths deposits,"
*Conversion made June 2015