GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Molycorp, Inc. (NYSE:MCP) today made a $50,000 donation through the American Red Cross to help victims of the earthquake and Pacific tsunami in Japan.
"The people of Japan need our help, and the Molycorp family wants to step up and provide this immediate assistance to those who are suffering," said Mark Smith, President and Chief Executive Officer of Molycorp, Inc.
American Red Cross officials are coordinating with the Japanese Red Cross to provide first aid, emotional support, and relief items to those who are displaced in Japan. Smith said that those wishing to make financial contributions to the American Red Cross in order to assist the people of Japan can go here to make an online contribution.
American Red Cross officials also added that people can text REDCROSS to 90999 to make a $10 donation to help those affected by the earthquake in Japan and tsunami throughout the Pacific.
Colorado-based Molycorp, Inc. is the only REO producer in the Western Hemisphere and currently produces approximately 3,000 metric tons of commercial rare earth materials per year. Following the execution of Molycorp's "mine-to-magnets" strategy and the expected 2012 completion of Phase 1 of its modernization and expansion efforts at its Mountain Pass, California processing facility, Molycorp expects to produce at a rate of approximately 19,050 metric tons of REO equivalent per year. The Company expects to achieve an annual production capacity by the end of 2013 of approximately 40,000 metric tons of REO equivalent per year after the completion of Phase 2. Molycorp intends to provide to the market a range of rare earth products, including high-purity oxides, metals, alloys, and permanent magnets.