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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (111348)	3/18/2015 1:19:19 PM
From: LoneClone	Read Replies (1) \| Respond to of 192642

Molycorp warns it may not be able to continue Mar 18, 2015, 5:57am MDT Updated: Mar 18, 2015, 6:46am MDT bizjournals.com Molycorp Inc., the Greenwood Village rare-earths miner, is saying it may not have enough money to remain in business. Molycorp (NYSE: MCP), which went public in 2010 and two years later paid $1.3 billion to buy a Canadian company, carries a $1.7 billion debt load, with $206.5 million in convertible notes that mature in June 2016. Molycorp reported its cash position at the end of last year stood at $211.7 million, which the company said in its annual financial report to the Securities and Exchange Commission represents "our primary source of liquidity to fund our capital expenditures, debt service and net operating cash requirements." The company noted in its annual report: "If we are unable to restructure or refinance our debt we may not be able to continue as a going concern." Molycorp's stock closed at 48 cents a share Tuesday, and the company has been threatened with delisting because it no longer meets the New York Stock Exchange's requirements for continued listing. Molycorp said its board in December approved hiring an independent investment bank and advisory firm "to advise us in pursuing various financing alternatives to secure a more sustainable capital structure." Molycorp has been hit by a weakened market for its rare earths, which are used in everything from electronics to bombs. The company's net revenue fell 14 percent in 2014, to $475.6 million, as the average selling price dropped to $27.42 a kilogram from $34.49 in 2013. The company's operating loss climbed to $450.8 million from $356.7 million in 2013