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Type | Public |
---|---|
Industry | Mining |
Founded | 2010 |
Headquarters | Greenwood Village, Colorado, United States |
Geoff Bedford(CEO) Michael F. Doolan, Chief Financial Officer | |
Products | Rare earth elements |
Website | www.molycorp.com |
Molycorp Inc. was 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. It was purchased by its largest creditor Oaktree Capital Management and was reorganized as Neo Performance Materials.[3]
History[edit]
Roots of the company dates back to 1919 when the Molybdenum Corporation of America, established as a subsidiary of the Electric Reduction Company,[4] started molybdenum ore mining at Questa, New Mexico.[5]
In 1950, the Molybdenum Corporation of America bought the Mountain Pass mining claims, and began production in 1952. It 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.[5] In 2007, Molycorp Inc. was merged with the Pittsburg & Midway Coal Mining Co. to form Chevron Mining Inc.[6]
In 2008, Chevron Mining sold the Mountain Pass rare earth mine and the rights to the Molycorp name to Rare Earth Acquisitions LLC, a special purpose company which was renamed Molycorp Minerals LLC. The company was owned by Resource Capital Funds, Pegasus Partners IV, LP, The Goldman Sachs Group, Inc., Traxys North America LLC and Carint Group LLC.[7] On July 29, 2010, Molycorp, Inc., a newly established parent company of Molycorp Minerals LLC, became a publicly traded firm by selling 28,125,000 shares at $14 in its IPO. The shares were traded under the ticker symbol MCP on the NYSE.
In April 2011, Molycorp bought 90% stake in a rare metals processing company Silmet in Estonia for US$89 million.[8] Silmet was renamed Molycorp Silmet and remaining 10% was acquired by Molycorp in October 2011.[9]
In June 2012, Molycorp acquired the Canadian-based company Neo Material Technologies Inc.[10] Neo Material Technologies Inc. was incorporated in 2006 by merger of the Indianapolis-based company Magnequench and the Canadian rare elements company AMR Technologies, Inc. Magnequench, a manufacturer of neodymium-iron-boron magnets, was founded by General Motors in 1986. [11]
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.[12] In June 2013, Molycorp Inc. said the SEC has completed the investigation and has not recommended any enforcement action.[13]
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.[14] Molycorp filed for bankruptcy protection in late June 2015, after changing competitive circumstances, declining prices on output and a 2014 restructuring. At the same time it announced an agreement 'with major creditors to restructure its $1.70 billion debt load'.[15] It was purchased by its largest creditor Oaktree Capital Management and was reorganized as Neo Performance Materials.[3]
Operations[edit]
Mountain Pass mine[edit]
The company’s principal asset was the Mountain Pass rare earth mine, which once supplied the majority of the world's rare earth elements. The mine was previously owned by Unocal. The mine closed in 2002, but reopened in 2010.[16]Because of the competition from China, the mine became unprofitable. In the reorganization process of Molycorp, the mine was separated from the company and scheduled to be sold in March 2017 at the auction in bankruptcy court, with a $40 million opening offer.[17]
International business[edit]
In December 2010, Japanese firms Sumitomo and Mitsubishi signed agreements to be supplied with rare earths by Molycorp.[18] US-based fluid catalytic cracking (FCC) catalyst manufacturer W.R. Grace & Co. similarly signed a supply agreement with Molycorp in November 2010.[19] Molycorp was to supply W.R. Grace & Co. with an undisclosed amount of lanthanum and cerium, essential components for FCC catalyst manufacturing through 2015.[19]
Molycorp additionally owns one of the few processing plants outside China—Molycorp Silmet—that it had purchased in Estonia in 2011.[20]
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.
- ^ ab'Molycorp Silmet renamed NPM Silmet AS'. The Baltic Course. 2016-09-15. Retrieved 2017-02-12.
- ^Voynick, Stephen M. (1996). Climax: The History of Colorado's Climax Molybdenum Mine. Mountain Press Publishing. p. 88. ISBN9780878423545.
- ^ abMcLernon, Sean (2013-04-08). 'Chevron Blames US For Pollution At Mineral Mining Site'. Law 360. Retrieved 2017-03-05.
- ^'P&M Coal and Molycorp Become Chevron Mining Inc' (Press release). Chevron Corporation. 2007-09-05. Retrieved 2017-03-05 – via PR Newswire.
- ^'Chevron Mining agrees to sell Mountain Pass rare earth mining operations'(PDF) (Press release). Chevron Corporation. 2008-09-10. Retrieved 2017-03-05.
- ^'Molycorp buys rare earth processor'. Bloomberg Businessweek. Associated Press. 2011-04-04. Retrieved 2012-07-08.
- ^Banerjee, Ankur (2011-10-24). 'Molycorp buys rest of European rare earths plant'. Reuters. Retrieved 2012-07-08.
- ^Main, Carla (12 November 2012). 'Libor Arrests, FSA Conflicts, Molycorp Probe: Compliance'. Bloomberg Businessweek. Retrieved 12 November 2012.
- ^St.Clair, Jeffrey. 'The Saga of Magnaquench'. Retrieved 31 October 2020.
- ^'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.
- ^Jarzemsky, Matt, 'Molycorp Creditor Oaktree Scores With Savvy Move', Wall Street Journal, June 28, 2015. Retrieved 2015-06-29.
- ^Miller, John W., 'Molycorp files for bankruptcy protection', MarketWatch, June 25, 2015. Retrieved 2015-06-25.
- ^'Molycorp To Launch Sequential Start-Up of New, State-of-the-Art Rare Earth Manufacturing Facility This Week', Molycorp Press Release, 21 February 2012
- ^Brickley, Peg (2017-02-01). 'California's Mountain Pass Mine to be Auctioned in Bankruptcy'. The Wall Street Journal. Retrieved 2017-02-12.
- ^Taro Koyano, 'Firms eye U.S. rare earths / Sumitomo, Mitsubishi link with Molycorp to diversify from China,'Daily Yomiuri Online, 20 December 2010.
- ^ abKaskey, 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.
Mine Site Technologies
Through-the-Earth (TTE) signalling is a type of radio signalling used in mines and caves that uses low-frequency waves to penetrate dirt and rock, which are opaque to higher-frequency conventional radio signals.
In mining, these lower-frequency signals can be relayed underground through various antennas, repeater or mesh configurations, but communication is restricted to line of sight to these antenna and repeaters systems.
Overview[edit]
Through-the-Earth transmission can overcome these restrictions by using ultra-low frequency (300–3000 Hz) signals, which can travel through several hundred feet of rock strata. The antenna cable can be located on the surface only at a mine site, and provide signal coverage to the mine. The antenna may be placed in a 'loop' formation around the perimeter of the mine site (or wherever coverage is needed) for systems using magnetic fields to carry signals. Systems that use electric fields as the signal carrier are not subject to this limitation. Transmissions propagate through rock strata which is used as the medium to carry the ultra-low-frequency signals. This is important in mining applications, particularly after any significant incident, such as fire or explosion, which would destroy much of the fixed communication infrastructure underground.
If the terrain makes a loop surface antenna impractical to install, then the antenna can be installed underground or a non-magnetic field type carrier may be used. But because the signal travels through rock, the antenna does not need to run into all parts of the mine to achieve mine wide signal coverage, thus minimizing the risk of damage during an incident.[citation needed]
Cave radios[edit]
Portable magnetic-loop cave radios have been used by cavers for two-way communication and cave surveying since the 1960s.[1] In a typical setup the transmitting loop, consisting of many turns of copper wire, is oriented horizontally within the cave using a spirit level, and driven at a few kHz. Though such a small antenna is a very poor radiator of propagating radio waves at this low frequency, its local AC magnetic field is strong enough to be detected by a similar receiving antenna up to a few hundred meters away. The received signal's strength and its dependence on orientation of the receiving coil yields approximate distance and directional information. Systems like Molefone and HeyPhone operate as single-sideband (USB) 87 kHz radio with earthed electrodes of 25-100 m length.[2] Design for HeyPhone system is openly available.[3]
Personal emergency device[edit]
There are several systems that have been recently developed. One system is known as the PED System, where PED is an acronym for personal emergency device.[4] Initially developed after a mining disaster in Australia at Moura No. 4 Coal Mine in 1986,[5] and further developed after the Moura No. 2 Coal Mine explosion in 1994 [6] where the need for a communication system to survive major incidents underground was identified in the inquiries into the disasters.
PED is a one-way text paging device, with wide use in Australia, as well as installations in the United States, China, Canada, Mongolia, Chile, Tanzania, and Sweden.[7] Australian company Mine Site Technologies began the development of PED in 1987, and it became commercially available and Mine Safety & Health Administration (MSHA) approved in 1991.[7] The best documented use of PED during a mine emergency is from the Willow Creek Mine Fire in 1998 in Utah, where it was able to quickly alert miners underground of the need to evacuate before toxic fumes from the fire filled the mine. Reports of this use can be seen on the MSHA website.[8][9]
Development[edit]
Emerging technologies have recently been developed such as the Rescue Dog Emergency Through the Earth Communication System[10] developed by E-Spectrum Technologies. The Rescue Dog is a two-way extended-range portable through-the-Earth solution that was developed in the US in cooperation with The National Institute for Occupational Safety and Health (or NIOSH)[11] which does not rely on large loop surface antennas for signal transmission. New non-portable systems have also been developed by companies such as Lockheed Martin for use in emergency chambers to provide post-accident, two-way, emergency voice and text communications independent of surface or in-mine infrastructure.
New technologies[edit]
A new wireless 'Miner Lifeline' telecommunication technology is being tested in 2012 at the West VirginiaRobinson Run mine (recent production 6,000,000 short tons (5,400,000 t) per year of coal using 600 miners). The system supports voice, text, or SOS sent on a 'bubble' of magnetic waves, and 'can move more than 1,500 feet (460 m) up or down and 2,000 feet (610 m) laterally, arriving in less than a minute.'[12]
The Israeli company Maxtech[13] has developed a software system that automates the optimal organization of a set of limited-range communications devices, using any mixture of types of communication (through-the-earth radio, line-of-sight radio or optical, etc.). This system was used in the Tham Luang cave rescue.[14]
See also[edit]
- Cave-Link [de]
References[edit]
The Earth Mine Site Website
- ^David Gibson, 'Cave Radiolocation' ISBN978-1-4457-7105-2
- ^'HeyPhone Introduction'. bcra.org.uk. Retrieved 2020-01-14.
- ^'HeyPhone Documentation'. bcra.org.uk. Retrieved 2020-01-14.
- ^'Mine Safety and Health Administration (MSHA) - Emergency Communication and Tracking Committee - Underground Communication and Tracking Systems - Description of MSHA Approved Technologies'(PDF). US Mine Safety and Health Administration. 2007. Retrieved 2012-09-30.
- ^http://www.dme.qld.gov.au/mines/moura_no4.cfm
- ^http://www.dme.qld.gov.au/mines/moura_no2.cfm
- ^ abhttp://www.msha.gov/regs/comments/06-722/transcripts/Presentations/MST.pdf
- ^http://www.msha.gov/disasterhistory/WCREEK/CHRONO/C0.HTM
- ^http://www.msha.gov/disasterhistory/WCREEK/WCREEK.HTM
- ^https://dl.dropbox.com/u/34622965/Rescue%20Dog%20Web%20Brochure.pdf
- ^http://www.homeandsmallbusinessnetwork.info/niosh/mining/mineract/contracts/200-2008-26818.htm
- ^Rizzo, Johnna (May 2012). 'Miner Lifeline'. National Geographic. 221 (5): 37.
- ^'Maxtech Networks'. Retrieved 2020-09-27.
- ^Orr Hirschauge (2018-07-03). 'Direct Radio Contact with Stranded Thai Group Still Unattained, Israeli Technology Vendor Says'. Ctech. Retrieved 2020-09-27.
External links[edit]
- Nicola System A two-way communication system developed for speleologists.
- CREG Journal of the Cave Radio and Electronics Group of the British Cave Research Association
- Mine Site Technologies for more information on the PED through-the-earth communications system.
- Radius 2 Russian wireless TTE underground system of alarm reporting, personal calling, observation and people search in case of mine accidents
- Cave-Link Data communication and measurement system for cave research and mining.