Molycorp operating loss widens to $65.01 million in second quarter

By Caroline Salls

Pittsburgh, Aug. 17 – Molycorp, Inc. reported a $65.01 million operating loss for the quarter ended June 30 on $113.84 million in revenue, according to a 10-Q filed Monday with the Securities and Exchange Commission.

Those figures showed a decline from the $48.74 million operating loss posted for the quarter ended June 30, 2014 on $116.91 million in revenue.

The net loss for the second quarter of this year was $334.43 million, growing significantly from an $83.85 million net loss for the same quarter of 2014.

For the six months ended June 30, Molycorp recorded a $119.91 million operating loss on $220.27 million in revenue, compared with a $99.75 million operating loss posted for the first half of 2014 on $235.43 million in revenue.

The net loss for the first six months of this year was $436.7 million, widening from a $169.84 million net loss for the first half of last year.

According to the 10-Q, revenues declined for the second quarter and first half of 2015 largely as a result of a continued softening of rare earth prices.

In addition, Molycorp had $76.78 million of cash and cash equivalents at June 30, down from $211.69 million at Dec. 31, 2014.

Molycorp is a Greenwood Village, Colo., producer of materials from rare earth minerals that filed for bankruptcy on June 25 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 15-11357.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.