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Molycorp, owner of the world’s largest rare- earth deposit outside China, filed a prospectus for some investors to sell as much as $500 million of common shares.
Molycorp also will offer as much as $172.5 million of convertible preferred stock and use the proceeds to modernize and expand its Mountain Pass mine in California, the Greenwood Village-based company said in a filing.
The mining company’s shares have more than tripled since it completed an initial public offering in July. Molycorp plans to expand output as demand for rare earths, used in batteries and turbines, rises. Bloomberg News
