Molycorp says rare-earth prices up in Q1
TORONTO (Reuters) - Molycorp Inc (MCP.N), the largest U.S. producer of rare earths, is on track to hit its first-quarter sales targets, helped by higher prices, Chief Executive Mark Smith said.
"The good news from the Molycorp standpoint is that first-quarter sales are right on plan and the average prices for these rare earths are significantly higher than we anticipated," Smith told the Reuters Global Mining and Steel Summit in Toronto.
Prices of rare earths, used in high-tech products ranging from handheld electronics to wind turbines, have soared over the past year after China sharply cut back its exports for those materials.
(Reporting by Julie Gordon, writing by Scott Malone; editing by Rob Wilson)
- Carnage at U.N. school as Israel pounds Gaza refugee camp |
- EU and U.S. announce new sanctions on Russia over Ukraine |
- U.S. Senate bill proposes sweeping curbs on NSA surveillance
- Obama says strains over Ukraine not leading to new Cold War with Russia
- Putin may have passed point of no-return over Ukraine