an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . december 2013 learn how and when to remove this template message molycorp inc. type public traded as otc pink mcpiq industry mining founded 2010 headquarters greenwood village colorado united states key people geoff bedford chief executive officer michael f. doolan chief financial officer products rare earth elements website www.molycorp.com molycorp inc. is an american mining corporation headquartered in greenwood village colorado . 1 the corporation which was formerly traded on the new york stock exchange 2 owned the mountain pass rare earth mine in california . it filed for bankruptcy in june 2015 after changing competitive circumstances declining prices on output and a 2014 restructuring . contents 1 history 2 rare earth metals 2.1 mountain pass mine 2.2 international business 3 controversy 4 bankruptcy 5 references history edit the molybdenum corporation of america bought the mountain pass mining claims and began production in 1952 . the molybdenum corporation of america changed its name to molycorp in 1974 . the corporation was acquired by union oil in 1977 which in turn became part of chevron corporation in 2005 . in 2008 chevron sold the mine to privately held molycorp minerals llc and on july 29 2010 molycorp inc. became a publicly traded firm by selling 28 125 000 shares at 14 in its ipo . the shares trade under the ticker symbol mcp on the nyse . in june 2012 molycorp acquired the canadian based company neo material technologies inc. 3 rare earth metals edit this section needs to be updated . please update this article to reflect recent events or newly available information . august 2015 mountain pass mine edit the company s principal asset is the mountain pass rare earth mine which once supplied the majority of the world s rare earth elements rees . the mine was previously owned by unocal . the mine closed in 2002 but reopened in 2010 and in february 2012 the start up of new rare earth manufacturing was to begin . 4 needs update the mine has attracted increased attention in recent years as rare earth elements had become increasingly in short supply . 5 china the world s leading supplier of rees in 2010 had restricted production and exports since 2006 . 6 needs update international business edit in december 2010 japanese firms sumitomo and mitsubishi signed agreements to be supplied with rare earths by molycorp . 7 us based fluid catalytic cracking fcc catalyst manufacturer w.r. grace & co. similarly signed a supply agreement with molycorp in november 2010 . 8 molycorp was to supply w.r. grace & co. with an undisclosed amount of lanthanum and cerium essential components for fcc catalyst manufacturing through 2015 . 8 molycorp additionally owns one of the few processing plants outside china molycorp silmet that it had purchased in estonia in 2011 . 9 controversy edit in november 2012 the company announced that it was being investigated by the u.s. securities and exchange commission in connection with the accuracy of the company s public disclosures . 10 in june 2013 molycorp inc. said the sec has completed the investigation and has not recommended any enforcement action . 11 in december 2012 it was reported that the ceo mark smith had resigned and that the board giving no reasons for the resignation had replaced him with constantine karayannopoulos the former vice chairman of the board as interim ceo . 12 13 in december 2013 geoff bedford a 14 year rare earth industry veteran and former chief operating officer replaced constantine karayannopoulos as ceo of the company . citation needed bankruptcy edit the long struggling company filed for bankruptcy protection in late june 2015 the culmination of one of the most dramatic commodities busts in recent years . it also at the same time announced an agreement with major creditors to restructure its 1.70 billion debt load . 14 in 2014 with the company facing heavy capital needs and lower prices in the china dominated market oaktree capital group had won the bidding to provide up to 400 million of senior restructuring finance . apollo global management which lost out in the 2014 bidding and others held junior obligations at risk of substantial loss in the 2015 bankruptcy while oaktree s 260 million high interest rate outstanding was considered relatively secure . 15 references edit lee spears and kristen scholer molycorp enevest slash ipos surgivision postpones bloomberg 29 july 2010 . molycorp inc. visits the nyse new york stock exchange . main carla 12 november 2012 . libor arrests fsa conflicts molycorp probe compliance . bloomberg businessweek . retrieved 12 november 2012 . molycorp to launch sequential start up of new state of the art rare earth manufacturing facility this week molycorp press release 21 february 2012 keith bradsher challenging china in rare earth mining new york times 21 april 2010 . michael tsang and lee spears molycorp s ipo aims at chinese grip on smart bombs bloomberg business week 28 july 2010 . taro koyano firms eye u.s. rare earths sumitomo mitsubishi link with molycorp to diversify from china daily yomiuri online 20 december 2010 . a b kaskey jack molycorp to supply rare earths to grace for catalysts businessweek.com november 5 2010 . molycorp buys rare earth processor ap businessweek.com april 4 2011 . molycorp issues statement regarding sec investigation . molycorp . november 9 2012 . retrieved december 12 2012 . sec recommends no action against rare earths producer molycorp june 27 2013 . reuters . 27 june 2013 . retrieved 11 july 2013 . molycorp leadership change step in right direction say analysts . reuters . december 12 2012 . retrieved december 12 2012 . prior anna 12 december 2012 . stocks to watch molycorp eli lilly dupont . the wall street journal . miller john w. molycorp files for bankruptcy protection marketwatch june 25 2015 . retrieved 2015 06 25 . jarzemsky matt molycorp creditor oaktree scores with savvy move wall street journal june 28 2015 . retrieved 2015 06 29 . retrieved from https en.wikipedia.org w index.php title molycorp & oldid 717643533 categories companies formerly listed on the new york stock exchangecompanies based in coloradomining companies of the united statesrare earth companiessuperfund sites in new mexicocompanies listed on the pink sheetshidden categories articles with a promotional tone from december 2013all articles with a promotional tonepages using infobox company with unsupported parameterswikipedia articles in need of updating from august 2015all wikipedia articles in need of updatingwikipedia articles in need of updating from march 2012wikipedia articles in need of updating from june 2015all articles with unsourced statementsarticles with unsourced statements from june 2015 navigation menu personal tools not logged intalkcontributionscreate 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