Molycorp Minerals and Arnold Magnetic Technologies Announce JV to Manufacture Rare Earth Magnets in the U.S.

GREENWOOD VILLAGE, Colo. & ROCHESTER, N.Y.--(Business Wire)--
Molycorp Minerals, LLC ("Molycorp") and Arnold Magnetic Technologies Corporation
("Arnold") announced today that they have signed a Letter of Intent to form a
Joint Venture for the production of Rare Earth magnets in the United States.
Details of the proposed Joint Venture were not disclosed.

Mark A. Smith, CEO of Molycorp said, "We are very excited to be working with
Arnold, one of the world`s leading magnet producers, to complete what will be a
key step in Molycorp`s strategy of going from mining to magnets. This Joint
Venture with Arnold will provide Molycorp with access to the technology, people
and facilities to take the rare earth materials produced by Molycorp at its
Mountain Pass, California operation and convert them into the high performance
permanent magnets required for the production of hybrid and electric cars, wind
power turbines, high-tech applications and numerous advanced defense systems, on
which our nation`s economy, security and future depend."

Tim Wilson, CEO of Arnold added, "This strategic alliance between Arnold and
Molycorp will re-establish the capacity to produce Rare Earth magnets in the
United States to meet increasing future market demands. We look forward to
collaborating with Molycorp in the production of Rare Earth magnets and are
extremely proud to be participating in a joint venture that supports the
nation`s clean energy initiatives."

Molycorp Minerals, LLC, with headquarters in Greenwood Village, Colorado, is a
private, U.S. rare earth producer and technology company. As the owner of the
world`s most abundant rare earth deposit outside of China, and a leader in rare
earth technology, Molycorp Minerals supplies a variety of rare earth materials
that are critical to emerging Green Energy technologies, High-Tech applications
and numerous Defense Systems. As the leading western supplier, Molycorp Minerals
markets rare earth materials from its world class rare earth deposit in Mountain
Pass, California. In addition, Molycorp Minerals maintains a joint venture with
Sumitomo Metals, called Sumikin Molycorp, which markets rare earth products in
Asia and produces permanent magnet materials in Japan.

Arnold Magnetic Technologies Corporation, with headquarters in Rochester, New
York, is a private company with six facilities in the United States producing
permanent and bonded magnets, precision assemblies, reprographic assemblies,
electromagnets and ultra-thin foils for magnetic and non-magnetic applications.
In addition, Arnold has facilities in Europe and Asia producing similar products
as well as soft magnetic powder cores. With more than a 100 year history, Arnold
serves a wide range of customers and markets.

For more information, please contact Robert Noll at Robert.Noll@Molycorp.com or
Rob Strahs at rstrahs@arnoldmagnetics.com or visit: www.Molycorp.com,
www.Arnoldmagnetics.com.

Molycorp Minerals, LLC
Robert Noll, 303-843-8043
Robert.Noll@Molycorp.com
or
Arnold Magnetic Technologies Corporation
Rob Strahs, 585-385-9010 x229
rstrahs@arnoldmagnetics.com

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