May 14 Rare-earth miner Molycorp Inc
said on Monday it will raise up to $650 million in an offering
of senior secured notes with the proceeds earmarked to help fund
its $1.3 billion takeover of Neo Material Technologies.
Molycorp's shares fell 1.1 percent to $24.64 after market
open on the New York Stock Exchange.
The Colorado-based miner owns the Mountain Pass rare earth
mine in California as well as rare earth processing facilities
in the United States and in Europe.
The acquisition of Neo will give Molycorp access to rare
earth processing expertise, product patents, and facilities in
China and around the world.