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"How Wall Street Darling Molycorp Undermined the U.S. Economy, Degraded our National Security and Distorted the Global Economic Balance and How These Falsehoods Continue to be Promoted Even Today INTRODUCTION & SUMMARY In 2007 the Molycorp Mountain Pass rare earth mine was resurrected from its desert-grave in California by its then-owner Chevron Mining. Responding to elevated rare earth prices Chevron began processing on-site rare earth concentrates left over from past mining operations that were terminated in 1998i. Chinese demand had sparked what was being described as a commodities super-cycleii. Commodity prices were on the move. Wall Street smelled opportunity. In 2008 Goldman Sachs, Pegasus Partners, Resource Capital Funds, Traxys North America LLC and Carint Group LLC acquired the mining assets from Chevron. In an environment of ever-declining ethical standards and regulatory consequences the private capital group and their investment bankers would bring Molycorp to market. Molycorp, with its high powered investment banking team of Morgan Stanley and J.P. Morganiii, easily dominated the contest. Molycorp promoted itself, largely based on its past operating history and proven reserves, as the best company to challenge China’s monopoly control over the production of rare earths: a group of elements critical to most advanced technologies and U.S. defense systemsiv. Most of Wall Street’s hottest investment sectors were dependent on these materials: alternative energy, green technologies, computing, personal communications, advanced electronics and defense systems. By late 2010 there were dozens of prospective rare earth start-up ‘mining companies’ seeking capital. Eventually the number of prospective rare earth mining companies seeking capital exceeded 400, despite the reality that supply requirements of this market were disproportionally small when compared to other natural resource sectorsv. In the world of finance ‘smart money’ picks the winners. Consequently just twovi projects attracted nearly all of the capital (Molycorp and Lynas). Wall street picked Molycorpvii. This paper will primarily focus on Molycorp. By early 2010 the words “Molycorp” and “Rare Earths” electrified many people in the mining industry, most non-Chinese manufacturing technology companies, U.S. & allied defense contractors, technocrats in the U.S. national security community and eager investors across most of the world’s stock markets. It was the hottest story of the yearviii. The financial, technology and defense press coverage verged on euphoric: heaping fuel on fuel until the highly combustible Molycorp-pyre cast a long shadow over all of its rivalsix. When the IPO match was lit the spectacular flaming pyre sucked all of the oxygen out of the rare earth spacex. Molycorp was ranked the most lucrative IPO of 2010, resulting in record breaking profits to its private investors and massive returns for its early stock holding investors."

Jan 1, 2017

By F. G. Heivilin

We are no longer short of viable Rare Earth deposits. As little as 2 years ago China mined and produced 97% ofthe world?s rare earths. Only a few deposits were in an advanced stage of exploration and development. Now Technical Metals Research (TMR) Gareth Hatch *5 reports that 347 deposits are being developed by 265 companies down from 440 on July 6th. Their Index of Advanced projects lists 45 projects in 14 countries. They will sustain the world for centuries to come and many good deposits are yet to be found. The problem is mining 14 elements in balance. Each of the deposits listing production in the chart has a unique set of minerals which they think will give them a cost advantage. Which of these will make it to production is a question. Most of the Advanced won?t be mined soon, but which ones? China is still in the driver?s seat in Light Rare Earth production (LREO) with one deposit with 35 million ton Baiyunebo deposit in Inner Mongolia which is part of a working iron ore deposit. The number of HREE deposits have been reduced and they attempting to eliminate unpermitted mines. This report will tell you what a Rare Earth is, how rare they are, why they are important, and where they are being developed which includes Australia, the United States, Africa, Greenland, Brazil and Canada.

Feb 27, 2013

The rare earths market is relatively small and slow growing. Three applications using mainly cerics rare earths : catalysts, glass-ceramics and metallurgy are volume market. Inside this slow moving frame, fast growing niches can be found lamp phosphors, permanent magnets, fine cera- mics... There is no specific ore for one given element, and the natural occurence of any ele- ment is almost constant in both monazite and basnaesite. This creates the "balance problem" that consists in the best compromise between shortage and over production. The general trend of prices is downward in constant money. Despite this difficult environment (price decrease, technology changes, etc...) lots of company have always been attrac- ted by the rare earth business.

Jan 1, 1986

By J Chegwidden

Rare earths are a critical minor constituent of many advanced materials that are essential inputs to the manufacture of items such as mobile telephones, computers, televisions and autocatalysts. Although rare earths have a relatively high unit value, the impact of this cost has little, if any, impact on the selling price of the final item. Furthermore, as they are generally present in minute concentrations they are not recycled. It is for these reasons that rare earths are considered strategic materials. China dominates the market as it supplies over 85 per cent of world demand. It has recently taken steps to increase prices through the restriction of exports and support for minimum prices by an association of the major producers. This paper provides an overview of future opportunities for Australia in the context of the current dynamics of world supply and demand.

Jan 1, 2001

By Z. Jin, D. DePaoli, P. Zhang

"Phosphogypsum is a byproduct created during the production of industrial wet-process phosphoric acid. This study focused on recovering rare earth elements (REEs) from a Florida phosphogypsum sample and investigated the effects of removing detrimental impurities such as phosphorus pentoxide (P2O5 ), uranium (U) and fluorine (F) during the leaching process. Experimental results indicated that REE leaching efficiency increased rapidly, reached a maximum and then began to decrease with sulfuric acid concentrations ranging from 0 to 10 percent and temperatures ranging from 20 to 70 °C. At a sulfuric acid concentration of 5 percent and leaching temperature of 50 °C, REE leaching efficiency obtained a maximum value of approximately 43 percent. Increasing the leaching time or liquid/solid ratio increased the leaching efficiency. The leaching efficiencies of P2O5, U and F consistently increased with sulfuric acid concentration, temperature, leaching time and liquid/solid ratio within the testing ranges. A fine-grain gypsum concentrate, sized smaller than 40 µm, was separated from leached phosphogypsum through elutriation, in which the P2O5, U and F content levels were reduced by 99, 70 and 83 percent, respectively, from their content levels in fresh phosphogypsum. IntroductionPhosphogypsum is a byproduct generated during the industrial wet process of phosphoric acid production, in which sulfuric acid is used to digest phosphate rock. Gypsum (CaSO4·2H2O), the main component of phosphogypsum, usually accounts for 65 to 95 percent of phosphogypsum by weight.There are small quantities of impurities in phosphogypsum, such as phosphates (H3PO4, Ca(H2PO4)2·H2O, CaHPO4·2H2O and Ca3(PO4)2), fluorides (NaF, Na2SiF6, Na3AlF6, Na3FeF6 and CaF), sulfates, trace metals and radioactive elements (Rutherford, Dudas and Arocena, 1996). Global phosphogypsum generation is estimated at 200 Mt/a (Parreira, Kobayashi and Silvestre, 2003; Yang et al., 2009), but only about 15 percent is recycled as building materials, agricultural fertilizers or soil stabilization amendments (Tayibi Choura and Lopez, 2009)."

Jan 1, 2017

By T. Surkova

For the moment reserves of high-grade ores are practically depleted requiring ever-increased involvement of low assay raw materials, such as black-shale ores, in industrial operations. Black-shale ores are constituted of minerals containing such valuable components as vanadium, uranium, molybdenum, manganese, and rare-earth elements (REE). We studied technogenic solutions of black-shale ores processing, after uranium, molybdenum, and vanadium were recovered. Mentioned solutions contain rare-earth elements in substantial quantities (S REE 70-100 mg/dm3) that is very important factor taking into consideration the world demand ever-increasing last years. Higher concentrations of iron and aluminum inhibiting REE sorption and extraction recovery are found in solutions. We propose a method of hydrolytic deposition to cleaning solutions from impurity elements (Fe, Al). Study of hydrolytic deposition kinetics allowed identifying optimal conditions to run this process. Rare-earth elements may be recovered from purified solutions through sorption process followed by their further deposition from eluates in form of concentrates. Keywords: black-shale ores, rare-earth elements, a method of hydrolytic deposition, impurity elements, sorption

Sep 1, 2012

By J. B. Hedrick

In 2004, rare earths were not mined in the United States. The major supplier, Molycorp, continued to maintain a large stockpile of rare-earth concentrates and compounds. Major uses for these commodities were in automotive catalytic converters, petroleum fluid-cracking catalysts, permanent magnets, glass-polishing compounds, ceramics, metal-alloying additives, phosphors and rechargeable batteries. Consumption of refined rare-earth products decreased. The United States was a major importer and exporter of rare earths in 2004. Yttrium was not mined or refined in the United States in 2004. Imports from China, France and Japan accounted for most of the U.S. supply of yttrium compounds for refined yttrium products.

Jan 1, 2005

By J. B. Hedrick

Rare earths were not mined in the United States in 2008. However, processing of intermediate rare-earth concentrates continued throughout the year at the Mountain Pass Mine in California. Consumption of refined rare-earth products increased. U.S. rare earth imports were primarily from China, with lesser amounts, in decreasing order, from France, Hong Kong, Japan, Austria and Russia. The United States imported 100 percent of its supply of yttrium metal and compounds primarily from China. United States In 2008, lanthanide concentrates were processed by Chevron Mining Inc. (previously Molycorp Inc.) at its mine site at Mountain Pass, CA. Chevron Mining sold its entire holdings in the rare earths mine to Molycorp Minerals LLC in September and operations continued at the site through-out 2008. Major uses for these mineral commodities were in automotive catalytic converters, petroleum fl uid-cracking catalysts, permanent magnets, glass-polishing compounds, ceramics, metal-alloying additives, phosphors and recharge-able batteries. Three domestic companies produced and sold lanthanide intermediate concentrates and refined products. Chevron Mining sold its interests in the Mountain Pass Mine to Molycorp Minerals LLC on Sept. 30, 2008. Molycorp Minerals LLC is an investment company owned by Resource Capital Fund IV L.P., Pegasus Partners IV, LP, The Goldman Sachs Group Inc., Traxys North America LLC, Carint Group LLC and Mark Smith. The Molycorp operation previously mined the rare earth fluocarbonate mineral bastnäsite by hard-rock surface methods, and the mine remained on care and maintenance in 2008. Molycorp maintained significant stocks of bastnäsite concentrates, intermediate concentrates and high-purity rare earth compounds at its operations at Mountain Pass. In October 2007, Chevron Minerals completed phase one of its three-stage plan and restarted the rare earth separation plant at Mountain Pass. The company also processed intermediate rare earth concentrates from existing stocks during the first three quarters of 2008. Molycorp Minerals LLC maintained production in the last quarter of the year. The mine at Mountain Pass has been closed since 1998. Future plans are to restart processing of stockpiled bastnäsite concentrates followed by reopening of the mine.

Jan 1, 2009

By S. Constantinides

Over the past 100 years we have witnessed a revolution in permanent magnetic materials. Prior to 1932 electrical machinery depended upon steels for both the soft and the permanent magnet structures. Because permanent magnet steels were easily demagnetized, motors, generators, loudspeakers and similar devices often used the interaction between two electromagnets. Motors and generators were mostly of the induction type, depending for function upon induced fields. The discovery of Alnico in 1931 and its rapid commercialization presaged an expansion of the industrial revolution and today, permanent magnet structures are widely utilized. [ ] DEVELOPMENT OF PERMANENT MAGNETS Act 1: Early Days of Permanent Magnets Alnico, which stands for aluminum, nickel and cobalt, is a family of alloys with similar structure and processing requirements. Additional elements, such as copper and titanium, are present in minor amounts to optimize magnetic properties. Alnico is known by many trade names around the world including Alcomax, Hycomax, Ticonal, Nipermag, Koerzit, Oerstit, Nialco, etc(1,2,3). In addition to the generic name ?alnico?, it is usually appended with a number representing the magnetic grade.

Jan 1, 2011

By K. Nuttall, S. Vijayan, A. J. Meinyk, R. D. Singh

For conventional applications, there is limited demand for rare earth elements as well as yttrium and scandium. But the emergence of new high technology applications such as supermagnets, lasers, and superconductors should result in significant demand for some of these elements. This article examines the anticipated applications and demands for rare earth elements over the next decade. It also looks at the implications on the use of available resources. In the context of a growing demand, process methods are reviewed for the recovery of rare earth elements from conventional and unconventional resources. And the article also discusses the challenges facing the mining industry in meeting this opportunity. Reserves and reserve base The rare earths (RE) are a homogeneous group of metallic elements occupying the area from lanthanum to lutetium in group IIIB of the periodic table. Yttrium and scandium are also included with the rare earths because of their chemical similarities and common existence in nature. These 17 elements and their atomic numbers are shown in Table 1. The rare earths are widely distributed in low concentrations throughout the earth's crust (Hedrick, 1985). They occur in many rock formations including basalts, granites, shales, and silicate rocks at concentrations of 10 - 300 ug/g. They also occur in more than 160 discrete minerals. Most of these are rare, but may contain as much as 60% rare earth oxides (REO). More than 95% of the REO occurs in three minerals: monazite and bastnasite for the light rare earths and xenotime for yttrium and the heavy rare earths. Apatite and multiple-oxide minerals, such as euxenite and loparite, are also commercial sources of the lanthanides and yt-trium. Rare earths do not occur in nature in the elemental state. And, except for scandium, they do not occur in minerals as individual compounds. Bastnasite and monazite are the two major minerals used commercially to supply most of the rare earths (Hedrick, 1985). Bastnasite is a key raw material source for the cerium subgroup elements. The largest known bastnasite deposit occurs with iron ore minerals in China. The second largest deposit is situated in California. Typical rock analyses of the fluorocarbonate mineral bastnasite deposit in California show about 15% bastnasite. The REO content of that is about 50%. Monazite is present in beach sands in many parts of the world. This includes India, Brazil, Australia, South Africa, the

Jan 1, 1989

The results of a systematic geochemical survey of rare elements are applied to elucidate genetic relations in a suite of rocks and to predict the probability of mineralization. The geology, radioactivity, major element geochemistry and classification of the main intrusives are described. The distribution of a group of rare elements, their concentration trends and the bearing these have on the emplacement sequence of the rocks are considered in some detail. The guides for exploration in the Pilanesberg that emerge are listed and some areas which substantiate predictions are described briefly. It is concluded that a study of rare element trends can make a considerable contribution as an exploration tool and for clarifying relations between the members of rock suites.

Jan 1, 1986

By T. Mulja, Michel Boily, Anthony E. Williams-Jones, Pierre Pilote

"The Preissac-Lacorne batholith is composed of suites of early metaluminous calc-alkalic gabbroic to granodioritic intrusives, three late peraluminous monzogranite plutons and numerous Li, Be and Ta-bearing granitic pegmatites. The Lacorne pluton is dominated by biotite and biotite + muscovite monzogranites containing abundant Be and Ta-bearing granitic pegmatites (40-80% volume). The pluton is surrounded by swarms of unzoned or poorly zoned spodumene-rich pegmatite dykes. The La Motte pluton is composed of biotite monzogranites, biotite+ muscovite monzogranites and rare muscovite + garnet monzogranites. Li, Be and Ta-bearing pegmatites are less abundant than in the Lacorne pluton and are commonly associated with molybdenite bearing quartz-muscovite-K-feldspar veins. In the Preissac pluton, muscovite + garnet monzogranites and muscovite + biotite + garnet monzogranites are the dominant rock types. The pluton rarely contains granitic pegmatites and these are generally barren. However, numerous molybdenite bearing quartz and quartz-feldspar-muscovite hydrothermal veins are observed.Li, Be andTa-bearing pegmatites display a crude spatial zonation around their parent monzogranites. Spodumene-rich pegmatites are generally unzoned or poorly zoned and are confined to the surrounding metasedimentary or metavolcanic rocks or crop out in the early gabbroic to granodioritic intrusives surrounding the monzogranites. Ta and Be-bearing pegmatites are usually concentrated towards the margins of their parent monzogranites. The highly fractionated nature ofmonzogranites (high Rb/Sr, low K?Rb, Ba?Sr, Zr/Nb ... ), their peraluminous composition (corundum normative and muscovite bearing) and the numerous occurrences of Ta and Be-bearing pegmatite dykes represent important criteria for the exploration of fertile granites."

Jan 1, 1990

By Georgy Cherkashov, Svetlana Babaeva, Tamara Stepanova, Firstova. Anna

Seafloor massive sulfides (SMS) study in the Russian Exploration Area at the northern equatorial Mid Atlantic Ridge began after signing the contract with International Seabed Authority in 2012. In order to evaluate the SMS resources in the course of exploration the major and rare metals with economic value should be determined. The evaluation is based on geochemistry and mineralogy and particularly on the type of rare metals occurrence in the SMS. As a case study research of the Semyenov cluster of SMS deposits have been conducted.

Sep 1, 2014

By Sang Joon Pak

Deep-sea mineral resources explored by Korea are categorized into mainly three types; manganese nodules, manganese crusts and seafloor massive sulfides. Manganese nodules have high Pt enrichment factors (EF=400, ore/crust ratios). Rare earth oxides (REO) contents from manganese nodules show from 0.037 to 0.302 REO% with mean value of 0.12%. Te and Pt are highly enriched in manganese crusts, displaying EFs of 10800 and 150, respectively. REO contents of manganese crusts are slightly richer than manganese nodules (0.013~0.387 REO%, average = 0.18 REO%). Seafloor massive sulfides deposits are featured by outstanding values of Se (EF=1300) well as In (EF=110). Au (0.8~26.3 g/t) and Ag (0.9~348.0 g/t) are another enrichment metals in SMS, although they belong to precious metals. Rare earth elements of SMS are meaningless as resources but REE are increasing in sediments overlying SMS. Heavy rare earth elements (HREE) from both manganese nodules and manganese crusts are typically higher than ones from land-based REE deposits. HREO grade and their portions of manganese nodules as well as manganese crusts are greatly similar to ion-absorbed type REE deposits in China, implying REE of subsea mineral resources are absorbed in nodules and crusts. Rare metals including REE could be exploited as by-production of commodities such like Ni, Co, Cu and so on. Rare metal resources from manganese nodules and manganese crusts are featured by low-grade and large scale deposits. Therefore rare metals in subsea mineral resources will add its economic values.

Jan 1, 2011

By Donald M. Liddell, G. C. RIDDELL

THE cosmic ray continues to engage the attention of the physicists, and according to Millikan and Compton, experiments of the past summer indicate that these rays must come from interstellar space, but not from the stars themselves. According to press reports of the International Congress of Physicists at Rome, the view was given there that these rays have an initiating potential of over 750,000.000 volts. In the field of spectrographic investigation great strides have been made. The U. S. Naval Research Laboratories (R. F. Mehl and G. E. Doan of Lehigh) have just finished a year's work with a "radium torch" or "shadowgraphic apparatus" in the field of the X-ray, that bids fair to displace the latter to a great extent. The torch is more powerful., easier to operate and cheaper. Penetration of 10 in. of steel has been accomplished, which. is much -beyond the- -scope-, of the X-ray..

Jan 1, 1932

By Donald M. Liddell

ALTHOUGH the midday lunches of business associations have been re-echoing the phrases that re- search would lead us out of the depression and that the last place to economize is on research, nevertheless most executives apparently concluded that it was their neighbor who ought not to economize in research, and that in their own plants what had been discovered in 1929-30 was sufficient to lead them out of the wilderness. At any rate, I have discovered much less that seems worth noting, and compared with 1931, the report volume of the committee members is off about 40 per cent, and compared with 1929, about 80 per cent. Evidently there is some hookup with the +tee1 industry as to output, and the Report Reading Committee should investigate this and the relative use of commas and periods.

Jan 1, 1933

By Zay Jeffries

HOSTILITIES in Europe, Asia, and northern Africa were responsible for dislocations in rare-metal supplies during 1940. Although the consumption of some of the rare metals is small the dislocations may be relatively large. In some cases these are advantageous to North America and in others they are disadvantageous. Specific instances will be cited later. Barium T HIN films of barium metal on special steel balls greatly improve the life and reduce the friction of rotating anodes in highly evacuated small X-ray tubes and make possible the operation of these anodes at relatively high temperatures. These remarkable results are described in an article by Atlee, Wilson, and Filmer in the Journal of Applied Physics for September, 1940. Oil could not be used because of the high temperatures on the one hand and its volatility on the other. Fig. 3 shows diagramatically the rotating anode and the method of coating the steel balls with barium. The letters K.I.C. refer to "Kemet Iron Clad." The K.I.C. wire was mounted so that the barium could be evaporated by direct passage of the electric current. At high temperatures the barium dif-

Jan 1, 1941

By B. D. Saklatwalla

FOR the proper understanding of the inclusion of certain elements in this review it seems necessary to state the meaning of "rare metals." Certain elements occur in deposits limited in extent or concentration, so that the extraction of the element in relation to market conditions becomes uneconomical. Others may occur in extensive and rich deposits but the reduction of the metal may be difficult and costly. Both these conditions effect the same result, namely, make the metal rare and costly. As an example of the first kind may be mentioned radium and of the second, calcium.

Jan 1, 1939

By Colin G. ink

OUTSTANDI'NG in progress among the less familiar 'metals during 1936 is the electrolytic production of 99.9 per cent manganese meta1 readily and many quantity. Strictly speaking, manganese should not' be classed as 'a rare metal, since there is 800 times as much manganese in the earth's crust as there is zinc or lead. But manganese' as a metal is rare, just as titanium metal is rare though titanium is five times as abundant in the earth's crust as manganese.

Jan 1, 1937

By Zay Jeffries

A SURVEY of rare metals and minerals for the past year places uranium as one of two partners, the other being the neutron, in what historians will probably say is the greatest discovery in physics at least during the year and probably for a consider- ably longer period. The uranium atom has been made to divide into parts somewhat after the style of reproduction of the amoeba. When an amoeba divides into two parts, however, it produces two amoebae substantially alike and each substantially like the parent: furthermore, there is no considerable change of energy when this happens. When the uranium atom divides it yields other atoms such as barium and krypton with the complete destruction of the original uranium atom but with the liberation of a tremendous amount of energy. This will be discussed more at length later.

Jan 1, 1940