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.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.