November 8, 2012 / 9:13 PM / 5 years ago

Molycorp posts loss on low rare earth prices

Nov 8 (Reuters) - Rare earth producer Molycorp Inc reported a third-quarter loss on Thursday, as lower rare earth prices and higher production costs outweighed a boost in output.

The miner posted a net loss attributable to shareholders of $18.9 million, or 19 cents a share, in the quarter ended Sept 30. That compared with a profit of $45.4 million, or 49 cents a share, in the year-earlier period.

Revenue rose 49 percent to $205.6 million on sales of 4,391 tonnes of total rare earth and rare metal products.

Molycorp said its third quarter results were hit by significantly lower realized rare earth prices and higher production costs.

Also weighing on results were a one-time charge related to the takeover of Neo Material Technologies, now known as Molycorp Canada, and inventory write-downs.

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