Molycorp Cuts IPO Expectations

Molycorp Inc., a Greenwood Village, Colo.-based rare earth mining company, has cuts its IPO price expectations from between $15 and $17 per share to $14 per share.

The company plans to trade on the NYSE under ticker symbol MCP, with J.P. Morgan and Morgan Stanley serving as co-lead underwriters. It reports a $28.6 million net loss for 2009 on around $7 million in net sales.

Molycorp was created in 2008 when Chevron Mining sold its Mountain Pass operations to an acquisition company formed by Pegasus Partners, Goldman Sachs, Traxys North America and Carint Group.