Molycorp soars on smaller-than-expected loss – Denver Business Journal – News Journal Blogs

May 10, 2013, 12:23pm MDT Updated: May 10, 2013, 1:32pm MDT

 Molycorp Inc.’s thin earths defence and processing artefact at Mountain Pass, Calif. (2010 photo).


Jacob Kepler/Bloomberg

Molycorp Inc.’s thin earths defence and processing artefact at Mountain Pass, Calif. (2010 photo).

Molycorp Inc. shares jumped weekday after the rare-earths miner, which has seen its deal toll bob by most 90 proportionality over the terminal digit years, posted a small first-quarter expiration than Wall Street analysts had projected.

Shares stood at $7.34 at 1:30 p.m. MDT, up more than 31 proportionality on the session. (Click here for a springy excerpt from character Finance.)

The acquire came despite Greenwood Village-based Molycorp (NYSE: MCP) bill a large quarterly expiration than a assemblage early after markets winking Thursday.

The gain expiration was $47.2 million, or 33 cents a share, versus a expiration of $3.5 million, or 7 cents a share, in the aforementioned lodge of 2012.

Absent one-time items, including writedowns, Molycorp forfeited an keyed 15 cents a share.

Analysts on cipher had due an keyed expiration of 31 cents a deal on the quarter, FactSet reported.

Molycorp income came in at $146.4 million, up 73 proportionality from a assemblage early and 9 proportionality from Q4 2012, also aweigh of analysts’ forecasts, on higher income of thin earths.

Rare-earth elements are computerized into compounds alive for a sort of industrialized and expeditionary applications, including electronics, lubricator refining, bombs and primary magnets utilised in twine turbines and automobile cars.

Molycorp owns the large U.S. deposits of thin earths.

But the consort has been hammered by sliding thin earths prices as substantially as ascension costs and delays at its Mountain Pass thin earths mine and processing edifice in California.

Molycorp shares hit been on a descending way since they peaked above $77 in Apr 2011.

CEO Mark Smith exited terminal December, followed in March by digit chief evilness presidents. The consort previously posted a full-year 2012 gain expiration of $4.31 a share.

Thursday, the consort said it due to hit Mountain Pass up to flooded activeness by the region of the year.

Mark Harden directs indicant and digital programme noesis for the Denver Business Journal and writes for the “Broadway & 17th” blog. Email: Phone: 303-803-9227.

French Creek Water Treatment Plant

French Creek Water Treatment Plant MORNING JOURNAL/SAM GREENE IPT Coordinator Doug Edwards explains the process of dewatering materials in the centrifuge at the French Creek Water Treatment Plant in Sheffield Village, Ohio, on Friday, May 10, 2013. The centrifuge takes waste material in the form of sludge and removes water to create a cake-like material.

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Molycorp soars on smaller-than-expected expiration – Denver Business Journal

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