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Molycorp -- sole U.S. rare earth producer -- files for bankruptcy

Molycorp -- sole U.S. rare earth producer -- files for bankruptcy

Molycorp Inc. — the only U.S. producer of rare earth elements used in high-tech communications, transportation and industrial products — filed for Chapter 11 bankruptcy protection amid competition from China and waning demand. The Greenwood Village, Colo., company, which included its subsidiaries in the U.S. and Canada in the Thursday filings, struck a deal with creditors to restructure $1.7 billion in debt. The agreement includes $225 million in new financing so that operations, including its Mountain Pass mine in the Mojave Desert, can continue as usual. Employees are working their normal schedules, according to the company. In February, Molycorp said Mountain...

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