Molycorp will increase price estimate for location by concerning $100M

Posted on 10.23.2013

Molycorp declared in an exceedingly restrictive filing: "We have visaged price pressures in respect of our expected capital expenditures and start-up prices for the modernization and enlargement of our Molycorp location facility and bound alternative capital comes at our Molycorp location facility. Since January, we've intimate with extra price pressures and dilated the scope of bound comes, increasing our price estimates for the capital expenditures and start-up prices by around $100M. we tend to expect the $100M increase in capital expenditures and start-up prices to be partly offset by less than expected maintenance capital expenditures once the modernization and enlargement of our Molycorp location facility is complete...As of September thirty, we tend to had around $160M money|of money} and that we calculable that we are going to ought to pay around $50M-$70M in cash to fund remaining capital expenditures at our Molycorp location facility, further as $5M-$8M on alternative maintenance and enlargement capital expenditures within the remainder of 2013 across all operative segments and $70M in 2014 for our Molycorp location facility, as well as $30M of maintenance capital and $20M for capital desires across our alternative operative segments. Given the present rating setting of REEs and also the alternative factors set forth higher than, we tend to ar anticipating considerably less than expected revenue and income have thus determined that it'd be prudent to boost extra finance to make sure we've adequate funding for our desires, as well as the capital desires printed higher than, debt service and alternative assets desires."

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