MCP NAK bouncing up Molycorp Inc. (MCP) said its California facility had begun to produce heavy rare-earth concentrate from freshly mined ore. Those rare earths–used in such technologies as wind turbines and hybrid electric vehicles–will then be processed in Molycorp’s production facilities. With the launch of the heavy rare earth concentrate facilities on schedule, Chief Executive Mark Smith said Molycorp remains on track to achieve full Phase 1 production rates at the California site in the fourth-quarter. Shares rose 5.2% to $10.01 premarket.
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