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Materials

Molycorp Buying Rare-Earth Firm Neo

by Michael McCoy
March 19, 2012 | APPEARED IN VOLUME 90, ISSUE 12

In a bid to vertically integrate its rare-earth business, Molycorp will acquire Neo Material Technologies for about $1.3 billion. Toronto-based Neo makes rare-earth-containing magnetic powders and engineering materials in China and elsewhere. Molycorp, the largest producer of rare-earth oxides outside China, is in the process of expanding its mine and oxide facility in Mountain Pass, Calif. The company says the acquisition will enhance its mine-to-magnets strategy and give it greater exposure to China, which comprises about 70% of global rare-earth consumption (see page 8).

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