Molycorp loss narrows as California mine ramps up

March 3 Mon Mar 3, 2014 4:39pm EST

March 3 (Reuters) - Molycorp Inc reported a narrower fourth-quarter loss on Monday, as the rare earth miner continued to ramp up operations at its revamped Mountain Pass mine and processing facilities in California.

The company's net loss was $194.3 million, or 95 cents a share, compared with a loss of $359.6 million, or $2.91 a share, in the fourth quarter of 2012, when it took a $258.3 million impairment charge related to a 2012 takeover.

Adjusted to remove writedowns and other one-time items, the loss was 28 cents a share, compared with a loss of 45 cents a share in the year-ago period.

Analysts, on average, had expected a loss of 29 cents a share, according to Thomson Reuters I/B/E/S.

Revenue slipped 8 percent to $123.8 million.