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Molycorp achieves startup of mt. pass concentrate productioncircuit by wwy yrj
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Molycorp achieves startup of mt. pass concentrate productioncircuit by WWY YRJ
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| Article Posted: 07/08/2012 |
| Article Views: 70 |
| Articles Written: 1412 - MORE ARTICLES FROM THIS AUTHOR |
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Molycorp achieves startup of mt. pass concentrate productioncircuit |
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Business,Business News,Business Opportunities
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RENO (MINEWEB) - Colorado-based Molycorp Thursday initiated the start-up of its newmill, flotation separator, and paste tailing facility at itsflagship Mountain Pass, California operation located about 55 milesfrom Las Vegas, Nevada. During a conference call to discuss financial results, Molycorp CEOMark Smith told analysts, "The start-up of our concentrateproduction circuit is a major accomplishment for the company." Mountain Pass plans to run the mill for a three week period,produce a large amount of concentrate for processing and then pausemilling in order to further optimize the process. "The entireconcentrate circuit will run intermittently between now andcontinuous Phase One operations, which is slated at the beginningof the fourth quarter of this year," said Smith. Over the next six months Molycorp plans to complete construction,testing and commissioning of a full-size, multi-stage crackingfacility; solvent exchange and heavy concentrate production; rareearth oxide separations; full scale operations of a combined heatand power plant; and product fishing. Immediately after the closing of Molycorp's acquisition of NeoMaterials in early June, Smith said Molycorp intends "to accelerateour development of ultrahigh-purity separates capabilities forheavy rare-earths at both our Molycorp Mountain Pass and MolycorpSilmet facilities." "This technology can be put to use very quickly, as we have beenproducing and stockpiling a heavy-rare earth concentrate streamever since we launched NFP separations at Mountain Pass," he added."We currently have tons of this concentrate at Mountain Pass.
WithNeo, we will have the ability to again process this concentratealmost immediately into ultrahigh-purity heavy rare-earthsproducts." During the first quarter Molycorp also announced a 36% increase inproven and probable reserves at Mountain Pass, which equates to2.94 billion pounds of contained REO equivalent in the ground ormore than 1.3 million metric tons. Mountain Pass produced 615 metric tons of REO-equivalent product,down from 730 metric tons during the first quarter of 2011.Molycorp COO James S. Allen told analysts, "We slowed productionduring the quarter to manage inventory levels both for finishedproduct inventory and of rare earth concentrate stockpiles." "Our goal remains to ensure Project Phoenix Phase 1 productionrates commence at the beginning of the fourth quarter this year,"Smith said. "We are also reaffirming that we expect to reach our2012 production guidance range of 8,000 to 10,000 metric tons ofREO equivalent products across all of our operating segments thisyear." Also during the first quarter, Molycorp Silmet reported productionof 410 metric tons of REO equivalent as well as 170 metric tons ofspecialty metals (niobium, tantalum).
FINANCIALS Molycorp reported a net loss of $3.5 million or negative 7-centsper share for the first quarter of this year, down from a net lossof $2.2 million or negative four-cents per share for the sameperiod of last year, "taking into account certain non-cash,out-of-ordinary business expenses, and other operational expansionitems." The company reported an adjusted net income of $18.3 million or18-cents per share during the first-quarter 2012, up substantiallyfrom the adjusted net income of $2 million or one-cent per sharereported during the first-quarter 2011. SUBSCRIBE to Mineweb.com's free daily newsletter now. I am an expert from Chemicals, usually analyzes all kind of industries situation, such as lux beauty soap , wood craft paint.
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