BAKER – (INT) – Molycorp. Inc announced Wednesday it is suspending operations at its Mountain Pass Rare Earth Facility in San Bernardino County.

In a statement, Molycorp based its decision on declining rare earth pricing, which has fallen dramatically over the past four years.

Company officials said idled machinery and equipment, will be maintained to ensure it remains in a safe and stable condition, and that government regulatory commitments can be met.

Molycorp said it will continue production of rare earth oxides at its facilities in Estonia and China.

Mountain Pass will suspend operations no later than October 20th.

Molycorp Inc. filed for protection from creditors in June. The company said it had secured an agreement with creditors to restructure its $1.7 billion in debt.

Molycorp is the sole U.S. miner and producer of rare earth elements.

Story Date: August 31, 2015