Major Rare Earths Miner Molycorp Shares Now Plummeting

Shares of Molycorp have collapsed and are now down 3.5% after skyrocketing over the past few days.

The reason for the spike was a rumour the company’s rare earth mine in Mountain Pass, California was scheduled to reopen after being closed for almost nine years. Simultaneously, China announced plans overnight to cut the amount of rare earths it exports.

However, the stock was down about 3.5% by 3pm when news broke that groundbreaking on the mine was at least a year away, according to CNBC.

After being up big today, Molycorp is now back down to Earth.

Check out why rare earth metals are such a big deal >


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