Molycorp Withdraws Bid for Great Western Assets (posted 6/17/09)
Molycorp Minerals, LLC recently announced that it has terminated discussions with Great Western Minerals Group Ltd. in regard to the letter of intent pursuant to which Molycorp would have acquired a controlling interest in (or assets of) Great Western, and has withdrawn from any further negotiations with Great Western.
“After several failed attempts to structure a deal with Great Western, it became clear that we would not be able to reach agreement on terms acceptable to both parties,” said Mark A. Smith, CEO of Molycorp. “Accordingly, we have allowed our letter of intent to expire and have withdrawn from any further negotiations with Great Western. This development in no way changes or delays Molycorp’s Mine to Magnets business strategy. While a transaction with Great Western would have been expedient, we already had plans in place to add manufacturing capabilities for rare earth alloys and powders before we were approached by Great Western. We will simply move forward with those original plans on our original time table.”
For more information, call (303) 843-8040 or visit www.Molycorp.com. Great Western’s website is located at www.gwmg.ca.