Molycorp Sets IPO Terms

Molycorp Inc., a Greenwood Village, Colo.-based rare earth mining company, set its IPO terms to around 28.13 million common shares being offered at between $15 and $17 per share. It would have an initial market cap of approximately $1.38 billion, were it to price at the high end of its range.

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.

The company 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.