Molycorp, the largest rare earth mining company in the United States, said on March 9 that it has agreed to spend $1.3 billion to acquire Neo Material Technologies (NEO), a rare earth processor in Toronto, Canada, to create a global leading integrated rare earth company. The deal is yet to be approved by NEO shareholders and regulatory authorities in Washington and Canada and is expected to be completed in the second quarter or third quarter of this year. According to the agreement, of the $1.3 billion transactions, 71.2% will be paid in cash and the remaining 28.8% will be paid in the form of stock. Each NEO stock will receive 8.05 Canadian dollars in cash and 0.122 shares of Molycorp shares, equivalent to the transaction price of each NEO stock. 11.3 Canadian dollars, a premium of 42% from the closing price on March 8. Mark Smith, President of Molycorp, stated: “NEO is known for its high quality products and processing capabilities, its patented technology platform, and its ability to continuously satisfy customers' customized products. This acquisition will enhance Molycorp’s overall strength and meet customer needs. †Molycorp has invested US$781 million to expand capacity at Mountain Pass’s rare earth mines and processing facilities in California. The mine once dominated global rare earth production, but was forced to shut down in 2002 due to the impact of low-cost rare earths. In 2011, stimulated by the global price of rare earths, the company invested US$781 million to expand the mine. The first stage of the expansion project called Phoenix began production in February and currently produces 2,800 short tons per day (1 short Tons = 0.9 tons) of rare earth ore. The second phase of energy expansion will be completed by the end of this year, when its annual production capacity of rare earth oxides will reach 40,000 tons. NEO achieved operating revenue of US$800 million in 2011 and operates 10 production bases in China, Thailand, and North America. NEO's functional materials division produces rare earths, zirconium, and rare metals such as antimony, indium, and tellurium. These products are used in the advanced electronics, photovoltaic, aerospace, catalytic converter, and lighting equipment industries. Nego's Magnexon magnetic division produces NdFeB rare earth magnetic materials. 2.2KW Thick Film Heating Tubes
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