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The only rare earth producer in the United States filed for bankruptcy protection
Time:2017-09-20

According to the US "Wall Street Journal" reported on June 26, the only US rare earth producer molybdenum company in the local time on the 25th filed for bankruptcy protection, as the mining industry in the bleak years of the company's bankruptcy reorganization of events, commodity prices plummeted and The need for a slowdown in the consumption of large mineral products has caused the impact of the industry.

Molybdenum is the only rare earth mining and producer in the United States. The company said it had reached an agreement with its creditors to reorganize its $ 1.7 billion in debt and $ 225 million in new funds to continue its operations. The company expects the court to approve its restructuring plan before the end of the year.

The company's chief executive, Geoff Bedford, said in a statement that the company's US and global facilities, including the flagship mine in the California desert, will continue to operate as usual. He said the bankruptcy protection filed by the company does not include business in Europe and Asia, which is cash rich and plays a major role in many of the world's key industries.

Molybdenum expects the New York Stock Exchange to delineate its shares within nine days, and the company will seek off-exchange transactions. In addition. Molybdenum will also postpone the annual general meeting to the second half of 2015.