Molycorp (MCP) Stock Continues to Gain Following Wednesday’s Siemens Supply Deal [TheStreet.com]
MERRILL LYNCH S&P 500 MITTS (MCP)
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Source: TheStreet.com
NEW YORK ( TheStreet ) -- Molycorp Inc. ( MCP - Get Report ) stock is continuing to rally, up by 8.43% to $1.03 in mid-morning trading on Thursday, following Wednesday's announcement that the rare earth oxide producer will supply Siemens AG ( SIEGY ) with rare earth materials to use in Siemens' wind turbine generators for the next 10-years. Terms of the deal were not disclosed. Molycorp will supply rare earth materials to Shin-Etsu Chemical Co. Ltd. which will produce the rare earth magnets Siemens plans to use in its wind turbines. "Siemens officials noted that key factors in choosing Molycorp were Molycorp's ability to provide greater global diversification and reliability to its supply chain, as well as the environmental and process innovations Molycorp has built into its Mountain Pass rare earth facility. Among those innovations are the facility's ability to recycle water, regenerate the chemical reagents needed in rare earth
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