Until Rare Earth Prices Rebound, Molycorp Is Dead Money [Seeking Alpha]
MERRILL LYNCH S&P 500 MITTS (MCP)
US:NYSE Investor Relations:
ml.com
Company Research
Source: Seeking Alpha
Summary As Molycorp continues to rightsize its operations, investors have focused on how much it can reduce production costs. From Q3 2012 to Q3 2014 the company's average sales price has declined by over 40%. Until rare earth prices rebound the stock is dead money. Molycorp (NYSE: MCP ) has been in restructuring mode for years now. It recently broke the buck after entering a $38 million debt-for-equity swap ; the transaction caused investors to question the company's turnaround efforts. Most of the focus has been on Molycorp's cost of production - one of the few things it can control. I estimated the company needed to cut production costs by about $22/kg just to break-even. The following chart illustrates the company's volume and average sales price ("asp") for the most recent quarter: (click to enlarge) Rare Earth Prices Must Rebound Despite efforts to lower its production costs through it Mountain P
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