NEW YORK Molycorp Inc. sank deeper into the red in the third quarter, with net losses more than quadrupling year on year on declining revenue.
Molycorp reported a net loss of $69.8 million, widening from a net loss of $15.5 million in the same period last year. The Greenwood Village, Colo.-based mining company saw revenue drop 27.4 percent to $149.1 million from $205.2 million in the same comparison.
In documents filed with the U.S. Securities and Exchange Commission in October, Molycorp said its cash flow had been hurt by lower demand and selling prices (amm.com, Oct. 16).
Molycorp reported sales of 3,620 tonnes of material during the quarter, down 1.4 percent from the same year-ago period but 19 percent higher sequentially.