Molycorp to double production; share rose

Molycorp Inc, owner of the world’s largest rare-earth deposit outside China, may double its planned production next year, the Bloomberg reported, citing its Chief Executive Officer Mark Smith.

The company’s board asked its management to raise its 2012 output to 40,000 tons from 20,000 tons. The production this year will be 3,000 to 5,000 tons, the report said.
The world excluding China will around 60,000 tons of the mineral this year, of which China will export around 24,000 tons, Smith was quoted as saying.

Shares of Molycorp rose 11.22 percent in New York. The stock has gained more than fourfold since an IPO in July, in which it rasied $394 million.