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Molycorp, whose subsidiary Molycorp Minerals is the only producer of rare earth oxides in the Western hemisphere, plans an initial public offering of its stock this week.
The company said it expects to become one of the world's most integrated producers of rare earth products, including oxides, metals, alloys and magnets.
Rare earths are used in clean energy technologies such as hybrid and electric vehicles and wind power turbines; high-tech uses including fiber optics, lasers and hard disk drivers; defense applications such as guidance and control systems; and advanced water treatment technology for use in industrial, military and outdoor recreation applications.
The company said it may raise up to $350 million from the offering, according to a filing with the Securities and Exchange Commission.
The money will be used to modernize and expand its Mountain Pass, Calif., mining and production facility and for general corporate purposes that include developing new products.
Molycorp Minerals was formed in 2008 to buy the facility and associated assets from Chevron Mining, a subsidiary of Chevron. Molycorp, Molycorp Minerals' parent and based in Greenwood Village, Colo., was formed March 4.
The company had $7.1 million in revenue last year from the sales of products manufactured from stockpiled feedstocks. The company said this level of revenue is not representative of its planned level of operations after it restarts mining operations.
The stock is expected to trade on the New York Stock Exchange under the symbol "MCP".