A Molycorp Inc. executive holds a handful of mined rocks containing rare earth element(Photo: JACOB KEPLER | BLOOMBERG)
DENVER BUSINESS JOURNAL -
Rare-earths miner Molycorp Inc., which has been battling some of its creditors over its plans to exit bankruptcy, has won court approval to put itself up for auction.
Bloomberg reports that the bankruptcy auction is slated for March 4.
Greenwood Village-based Molycorp filed for Chapter 11 bankruptcy protection in June, citing $1.7 billion in debt, after the bottom fell out of the market for rare earths as China, a major producer, relaxed export restrictions.
Rare earth elements are used in making a variety of devices, from smartphones to ballistic missiles to hybrid cars. Molycorp had been the leading domestic producer of the elements.
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