NEW YORK Molycorp Inc.
has announced a 36-percent increase in proven and probable
reserves at its Mountain Pass rare earths mine in
Reserves are now put at 18.4
million tons of ore estimated to yield 2.94 billion pounds (1.3
million tonnes) of rare earth oxides, compared with a 2010
estimate of 13.6 million tons yielding 2.24 billion pounds
(1.02 million tonnes) of oxides.
"I am pleased to see our
world-class deposit continue to grow in size, and I believe
that our ongoing exploratory drilling at Mountain Pass may show
an even larger estimate of proven and probable reserves once
that work is completed," Mark Smith, president and chief
executive officer of the Greenwood Village, Colo.-based
company, said in a statement.
Both estimates were developed by
the Lakewood, Colo.-based branch of SRK Consulting.
Molycorps shares rose on the news, with the stock
trading above $35 mid-morning on the New York Stock Exchange
after opening at $33.48.