Low prices, high charges hit Molycorp
Mar 15, 2013 | 01:03 PM
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Tags
Molycorp,
rare earths,
earnings report,
Constantine Karayannopoulos,
Mark SMith
NEW YORK — Vertically integrated rare earths producer Molycorp Inc. reported a 2012 net loss of $449.6 million in contrast to a $117.5-million profit the previous year as lower sales prices, rising costs and significant asset impairment charges were only partially offset by increased output.
Greenwood Village, Colo.-based Molycorp, which had postponed the release of its earnings report to determine the amount of its "substantial" 2012 non-cash goodwill impairment charge (amm.com, Feb. 28), on March 14 reported a total goodwill impairment charge of $258.3 million and an impairment charge of other long-lived assets of $11.9 million.....
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