Molycorp finds rare earths deposit in California

Rare earth metals miner Molycorp has found a new deposit of these elements in a site near Mountain Pass, California, close to the Nevada border, where the company has been mining since the early 1950s and has regulatory approval to continue mining and refining for decades . The metals at the deposit are of heavy varieties and can be used to purposes such as compact fluorescent light bulbs, electronic devices and hybrid-electric vehicles.

Molycorp’s chief executive Mark Smith told “The New York Times” that the company might be able to begin producing heavy rare earths in a little over a year from now, and that the ore is near the surface and would require very little strip mining.