; Molycorp approves Phase 2; Expansion of Mountain Pass facility will double capacity
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Molycorp approves Phase 2; Expansion of Mountain Pass facility will double capacity

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Molycorp, the only producer of rare earth oxides in the Western Hemisphere, filed documents with the U.S. Securities and Exchange Commission (SEC) that indicate Molycorp or its three major stockholders are offering a maximum of $500 million in common stock, $172.5 million in preferred stock, and another $31.05 million in a secondary offering of common stock Molycorp said it hopes to use the net proceeds from a proposed mandatory convertible stock offering to fund its Phase 1 and Phase 2 plans, the company said in a news release.

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