Molycorp CEO Mark Smith: No Rare Earth Bubble
Posted in Companies by admin 883 days ago (www.cnbc.com)
Molycorp CEO Mark Smith on Tuesday said there isn't a bubble in rare earth prices and apologized for comments made to the contrary on CNBC two months ago.
"I also don't think that these short-term prices are things that people ought to be counting on because they are really spiked right now and we think there maybe a form of a bubble occurring because of all of the news and the frenzy that's occurring," Smith said on "Fast Money" on Oct. 21.
Seven days later, he told Bloomberg, "I don't believe there is a bubble ... These prices are absolutely sustainable and that's really based upon the very simple facts of supply and demand."
So what happened?
"Well, I got a lot smarter, number one. And I learned how to do interviews a lot better," said Smith, apologizing for what he called an "error."
"We are absolutely bullish on prices. We think these prices are absolutely sustainable and we think that the simple supply and demand fundamentals support the prices that we are bullish on." Read More...
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Rare Earth Wiki
Rare Earths are the minerals bastnasite, monazite, and loparite and the lateritic ion-adsorption clays, and are one of the principal economic sources. The rare earths can be understood as a relatively abundant group of 17 elements composed of scandium, yttrium, and the lanthanides.
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