Molycorp posts loss, including impairment charge

Thu Mar 14, 2013 4:00pm EDT
 
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March 14 (Reuters) - Molycorp Inc, North America's largest rare earth producer, reported a fourth-quarter loss on Thursday, booking a $264.3 million impairment charge related to its 2012 takeover of Neo Material Technologies.

Rising costs and a drop in rare earth prices also weighed on the company, which is ramping up output at its new rare earth processing plant at the Mountain Pass mine in California.

The company reported a loss of $359.6 million, or $2.91 a share, compared with net income of $26.6 million, or 26 cents a share a year earlier.

Excluding the impairment charge and other items, the loss was $52.7 million, or 45 cents a share, compared with an adjusted profit of $35.9 million, or 41 cents a share.

Revenue rose 1 percent to $134.3 million.