Molycorp Inc. (NYSE:MCP) announced that it has acquired Neo Material Technologies Inc. (TSX:NEM). In doing so, it has created a full “mine to magnetics” rare earth company.
Mark Smith, Molycorp’s president and CEO, commented:
We now have the broadest global coverage in the industry, and we can immediately access highly specialized niche markets that were not available to us prior to the Neo acquisition. Our expanded product line in rare earths, particularly in the ‘heavies’ category, and rare metals, along with our patented technology platform, and our ability to consistently meet demanding customer specifications, will make us a formidable player in these global markets for years to come.