Neo Performance Materials
American mining corporation
Neo Performance Materials (formerly Molycorp Inc.) is a Canadian mining corporation headquartered in Toronto, Ontario. The corporation was formerly traded on the New York Stock Exchange, owned the Mountain Pass rare earth mine in California. Molycorp filed for bankruptcy in June 2015 amid changing competitive circumstances, declining prices and a 2014 restructuring. It was purchased by its largest creditor Oaktree Capital Management and was reorganized as Neo Performance Materials.
History
Molycorp Inc.
Roots of the company dated back to 1919 when the Molybdenum Corporation of America, established as a subsidiary of the Electric Reduction Company, started molybdenum ore mining at Questa, New Mexico.
In 1950, the Molybdenum Corporation of America bought the Mountain Pass mining claims, and began production in 1952. It changed its name to Molycorp in 1974. The corporation was acquired by Union Oil in 1977, which in turn became part of Chevron Corporation in 2005. In 2007, Molycorp Inc.
The public source identifies “Neo Performance Materials” as american mining corporation. This brief keeps that definition visible, then builds a research path around Performance, Materials and American.
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This entry incorporates text from “Neo Performance Materials” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.