Molycorp ceo mark smith downplays speculation
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Molycorp CEO Mark Smith on Tuesday downplayed the impact of speculative buying of rare earths, saying that while it may have temporarily caused prices to escalate, the supply and demand
fundamentals remain unchanged. "While there may be a short-term impact here, Molycorp remains very, very bullish on the prices of these materials," Smith said. "In fact,
we're experiencing the highest margins ever in the history of our company." Smith said there was some speculative buying of rare earth materials in Shanghai, China earlier this
year, which may have caused the prices to escalate faster than they were going to. With the release of that material during August, though, Smith has seen some relaxation of the price. The
Chinese government hasn't released information regarding the issue of speculative buying, but Smith said he got his information by attending a conference on rare earths that took place
in China last week. Smith is scheduled to testify before the U.S. Congress on Wednesday. He will address the benefits of the U.S. having a strategic rare earths reserve, much like it has an
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