Molycorp completes C$1.3 billion acquisition of Neo Materials
June 11, 2012
1.30 Billion CAD
On June 11, 2012, Molycorp, Inc. announced the completion of its acquisition of Canadian-based Neo Material Technologies Inc., creating a global rare earth leader with a combination of a world-class rare earth resource, ultra-high-purity rare earth processing capabilities, and full ‘mine-to-magnetics’ vertical integration.
Following the close, Neo Materials’ subsidiaries will use the Molycorp corporate logo, with the exception of Neo’s Magnequench subsidiary, which will use a Molycorp Magnequench logo. Combined, the companies span 26 locations across 11 countries, and have over 2,600 employees worldwide.
Molycorp, headquartered in Colorado, is an American mining corporation.
Neo Materials, headquartered in Toronto, Ontario, is a producer, processor and developer of neodymium-iron-boron magnetic powders (Neo Powders), rare earths and zirconium based engineered materials and applications.
McCarthy Tétrault LLP represented Molycorp, the acquiror, with a team led by Michael Urbani.