Hitachi Metals, Molycorp to Pursue Rare-Earth Manufacturing in U.S.
12/22/2010 - Hitachi Metals, Ltd. and Molycorp, Inc. have entered into an agreement regarding the planned formation of joint ventures for the production of rare-earth alloys and magnets in the U.S.
Hitachi Metals, Ltd. and Molycorp, Inc. have entered into an agreement regarding the planned formation of joint ventures for the production of rare-earth alloys and magnets in the U.S. They plan to focus on the manufacture of neodymium-iron-boron (NdFeB) alloys and magnets needed for many clean energy, automotive, computer, health care, communications, and other technologies.
The companies are expected to sign definitive agreements for the alloy joint venture by early April 2011. Signing of definitive agreements, subject to the satisfactory conclusion of a feasibility study and other conditions, for the joint venture to produce rare-earth magnets would follow later in 2011.
“These joint ventures are an integral part of Molycorp’s ‘mine-to-magnets’ business plan, and they move our company and the United States one step closer to realizing the strategic goal of re-establishing a complete rare-earth manufacturing supply chain in the U.S.,” said Mark Smith, Molycorp’s Chief Executive Officer.
Hitachi Metals, Ltd., headquartered in Tokyo, Japan, is a materials manufacturer known for its high-quality technology and development capabilities. It claims to be the world’s top manufacturer of NdFeB magnets.
