US resource company Molycorp CEO (CEO) Mark Smith said on July 24 that it will increase the global market share of the company's production capacity to "more than 30% next year" by promoting investment in rare earth production. At present, China's rare earth production accounts for more than 90% of the world. In the Mountain Pass Mine in the Mojave Desert in southern California, Smith accepted interviews with media such as the Nikkei News. The company plans to invest 895 million US dollars, the annual production capacity will increase to 20,000 tons from October to December this year, and will further increase to 40,000 tons next year. By achieving a production capacity of 40,000 tons, "the company's market share will increase from more than 4% last year to more than 30%." When talking about the current market conditions, Smith pointed out that "although the price has decreased compared with last year, the price is still 4 to 5 times higher than in the past. For us, it has not reached an unacceptable level. ". At the same time, it is also predicted that due to the destocking of buyers who have hoarded rare earth last year, “the price of rare earth will recover from October to December this yearâ€. According to industry estimates, global rare earth production in 2011 was 115,000 tons, and Molycorp's production capacity was nearly 5,000 tons, of which nearly 60% were sold to Japan. Molycorp started the production of rare earths in 1952. Although it once occupied more than 70% of global production capacity, it was closed in 2002 due to the increasingly fierce competition with China and environmental protection issues. Later, due to rising prices, rare earth production was restarted in 2009. About 7 kilometers south of the Pais Hill Mine, which is the mine to be developed by the company, the ability to mass produce China’s monopoly is receiving attention from all parties, but Smith said that “based on previous investigations, reserves have not Expected more."
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