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Electronics Production | August 15, 2011

Molycorp signs Rare Earth supply agreement with Hitachi Metals

Molycorp, producer of rare earth oxides (REO) has reached an agreement with Hitachi Metals to supply rare earth magnetic materials, including Didymium metal and alloy, as well as Lanthanum Oxide.
The three-year deal, which extends and expands upon an existing supply relationship between the companies, significantly increases the amount of rare earth materials that Molycorp will provide Hitachi Metals. The volume begins at a level comparable to the companies’ current agreement and grows substantially when Molycorp reaches its Phase1 production level in 2012 at its flagship rare earth production facility at Mountain Pass, California.

Building upon its “mine to magnets” vertical integration strategy, Molycorp’s newly announced supply relationship with Hitachi Metals demonstrates the progress the company has made in developing its downstream manufacturing capabilities over the past year. The oxide and metal production at the Molycorp Silmet facility in Estonia and the alloy production at the Molycorp Metals and Alloys facility in Tolleson, Arizona, will enable the company to produce the upgraded magnetic materials necessary to meet a significant portion of Hitachi Metals’ global requirements when Molycorp reaches its full, Phase 1 production levels at Mountain Pass.

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