Dec 16 2010
Molycorp, Inc. (NYSE: MCP), the Western Hemisphere's only producer of rare earths, announced that it has secured the last of several environmental permits necessary to begin construction of its new, state-of-the-art rare earth manufacturing facility at Mountain Pass, California.
Securing the permits is a major milestone in Molycorp’s $531 million project to construct a complete rare earth mine-to-magnets manufacturing supply chain in the U.S.
The company recently secured a Streambed Alteration Agreement from the California Department of Fish and Game. Together with three previously approved permits, Molycorp now has secured all permits necessary to allow construction to start on its Mountain Pass modernization and expansion project. The project is expected to support an average of 700 jobs per day over the 18-month construction period, with an additional 200-300 permanent jobs when the new facility runs at full capacity, scheduled to occur by the end of 2012.
Mark Smith, Chief Executive Officer of Molycorp, said: "Securing these permits means that construction of our new rare earth manufacturing facility at Mountain Pass, California will proceed on schedule, with project groundbreaking occurring on January 2, 2011. Additionally, we have begun pre-stripping operations of the mine, which is preparing the way for active mining of fresh ore to commence in 2011."
Smith expressed his appreciation to San Bernardino County officials as well as to the California Department of Health Services, Lahontan Regional Water Quality Control Board, and the California Department of Fish and Game for working with Molycorp to finalize the permits. “We are especially proud of the working partnerships we have developed with San Bernardino County. The County conducted a very thorough permitting review but also managed the process in a highly efficient manner. Everyone in the county who worked with us in this effort deserves praise for their professionalism and dedication to the best interests of the County."
"We also are very pleased with the working relationships we have developed with officials across California’s state government and at the National Park Service, the Bureau of Land Management, and the U.S. Fish and Wildlife Service," Smith said. "This project is an excellent example of how the public and private sector can work hand-in-hand to move our nation toward the twin goals of environmental superiority and increased competitiveness in rare earth production.”