Molycorp cancels March 4 auction, reviewing bid for mineral assets

By Caroline Salls

Pittsburgh, March 2 – Molycorp, Inc. cancelled the March 4 auction for substantially all of its assets and/or its Mountain Pass rare earths mining and processing facility in San Bernardino County, Calif., according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Molycorp said it did not receive more than one bid for either group of assets.

The company said one bid was received for the mineral assets. Molycorp said it is in the process of determining whether that bid is a qualified bid.

Molycorp is a Greenwood Village, Colo., producer of materials from rare earth minerals that filed for bankruptcy on June 25, 2015. The Chapter 11 case number is 15-11357.

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