Molycorp Inc (NYSE:MCP) shares decreased by 6.57%

1108

Dallas, Texas 07/25/2013 (Financialstrend) – The first quarter 2013 results were announced by the company recently. The firm has reported consolidated net revenue was $146.4 million during the first quarter which is a 9% increase over the 4th quarter of 2012. The firm had sold 3,274 mt of product at an ASP $44.71 per kg and generated a gross loss of $20.5 million during the quarter which was compared to a gross loss of $20.5 million in the 4th quarter of 2012.

The firm reiterates the previous expectation that the company’s financial performance for the first half of 2013 would prove to be lower than that obtained for the second half of 2012. This is because of the typical seasonality resulting in slow rare earth sales in the 1st quarter that is combined with the belief that its Molycorp Mountain Pass capability will not attain full-scale commercial production until mid year 2013. Molycorp Inc (NYSE:MCP) had announced that the management will release financial results for the 2nd quarter ended June 30, 2013 once the market closes on 8th August 2013.

Molycorp Inc (NYSE:MCP) had lost 6.57% on Wednesday to close at $7.39 per share, after opening the day at a price of $7.97 per share. The stock had through the day moved with prices fluctuating between $7.30 and $8.02 per share. The company presently has 52 week low at $4.70 and 52 week high at $17.99. The institutional holding is at 51% and there are 188.57 million shares outstanding in the market with a market cap of the stock presently at $1.39 billion.

Molycorp Inc (NYSE:MCP) is an American mining corporation that owns the Mountain Pass rare earth mine located in California. The mine was previously owned by Unocal and was reopened in 2010 and in February 2012 the start up of new rare earth production is to begin. It was reported in December 2012 that the CEO Mark Smith had resigned without a reason and the position was replaced with Constantine Karayannopoulos who is the former vice chairman of the board.