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Latest News - October 2011

October 17, 2011
Molycorp and United Steelworkers Agree on New Labor Contract
Source: Molycorp Inc.

GREENWOOD VILLAGE, Colo., Oct 17, 2011 (BUSINESS WIRE) -- Molycorp, Inc. the Western hemisphere's only producer of rare earth oxides (REO) and the largest REO producer outside of China, and the United Steelworkers (USW), the largest private sector union in America, announced agreement on a new three-year labor contract at Molycorp's flagship rare earth manufacturing facility at Mountain Pass, California.

The agreement was achieved approximately six months early, which helps to ensure a smooth start up of Phase 1 of Molycorp's "Project Phoenix" modernization and expansion at Mountain Pass.

"I am very pleased to see Molycorp and the Steelworkers agree on a new labor contract so far ahead of schedule," said Mark A. Smith, President and CEO of Molycorp. "The partnership we have enjoyed for many years with the Steelworkers has been a very productive one, and we look forward to continuing to work together as we ramp up America's production of strategic rare earth products and seek to leverage the creation of new manufacturing jobs in the U.S."

"The United Steelworkers take pride in partnering with Molycorp to provide the U.S. and the rest of the world with a reliable supply of rare earth materials," said Robert LaVenture, United Steelworkers District Director. "The Molycorp Mountain Pass facility has a long history of cooperation with our union and is providing good-paying jobs to help the local economy. We look forward to contributing our best efforts to keep Mountain Pass world-class in rare earth production."



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