March 8, 2012
Molycorp to Acquire Leading Rare Earth Processor Neo Material Technologies in
$1.3 Billion Deal
Molycorp, Inc. and Neo Material Technologies Inc.
today announced the signing of a definitive agreement under which Molycorp will
acquire Neo Materials for approximately CDN $1.3 billion.
This will create one of the most technologically advanced, vertically integrated
rare earth companies in the world.
“This transaction will link two unique companies – one with a world-class,
high-quality resource, and the other with world-class rare earth product design
and processing capabilities,” said Mark A. Smith, Molycorp’s President and Chief
Executive Officer. “Neo Materials is recognized throughout the industry for its
exceptionally high-quality production and processing capabilities, its patented
technology platform, and its ability to consistently meet demanding customer
specifications. With this combination, Molycorp will be in a unique position to
enhance our time to market and provide new global customer segments with rare
earth metals, oxides, and alloy powders that are unmatched today. We see
significant opportunities for growth as well as powerful synergies through this
transaction.”
TRANSACTION HIGHLIGHTS
The transaction will combine
Molycorp’s world-class rare earth resource and
low-cost production from its Project
Phoenix with Neo’s proven leadership in the
development, processing, and distribution of technically advanced rare
earth products.
The transaction will give Molycorp greater
exposure to the world’s largest and fastest-growing rare earth consuming nation
– China – which now comprises about 70% of global rare earth consumption.
The transaction leverages Neo Materials’ existing infrastructure to allow
Molycorp to ramp up its overall production once Project Phoenix Phase 2
production begins in 2013.
The transaction expands Molycorp’s production capabilities to include Neo
Materials’ Magnequench patented magnet powder portfolio
used to produce neodymium-iron-boron (NdFeB) bonded rare
earth magnets.
The transaction expands Molycorp’s strategic rare metals portfolio to include
gallium, rhenium, and indium, which are used in advanced electronics,
photovoltaic, aerospace, catalytic converters, and lighting industries.
The combination is expected to be accretive to Molycorp’s 2012 earnings and cash
flow. Significant identified synergies are expected to further strengthen
Molycorp’s financial performance beyond 2012.
The Combination of Molycorp and Neo Materials
The combination of Molycorp and Neo Materials will expand Molycorp’s geographic
footprint across 11 countries and provide leading product development, research,
and sales capabilities. Additionally, Molycorp will gain cutting-edge
technologies and will leverage Neo Materials’ years of processing experience and
knowledge, to better service the Company’s customer base as well as new customer
segments. This transaction brings to Molycorp Neo’s direct operating and sales
channels in China, the world’s largest and fastest growing rare earth consuming
nation. In 2010 and 2011, Neo Materials’ sales to China and Japan, collectively,
accounted for approximately 68 percent and 64 percent of sales, respectively.
The combination will expand Molycorp’s technology portfolio to include
production of magnetic powders, and rare metals including gallium, indium and
rhenium, as well as zirconium oxide. This will enable Molycorp to produce and
market materials that are integral to a wide variety of strategic technologies,
including advanced electronics, thin film photovoltaics, LEDs, flat screens,
super alloys, catalytic converters, mobile and smart phones, magnets, batteries.
The addition of Neo Materials’ expertise also will provide entry for Molycorp
into customer segments requiring value added, rare earth and rare metal
production capabilities – up to 99.99999% purity for some elements.
“The industrial logic of this combination is highly compelling,” said
Constantine Karayannopoulos, President and Chief Executive Officer, Neo
Materials. “We will be vertically integrating the world’s best rare earth
resource outside of China with the world’s best rare earth processing technology
company. The new enterprise will have the broadest global coverage in the
industry, as well as a strategic position in high-value magnetic materials and
rare and other strategic metals. We look forward to this transaction and believe
our employees, partners, shareholders, and customers around the world will
benefit greatly as a result.”
Smith added, “The combination of our businesses enhances our Mine-to-Magnets
vision and places Molycorp in all steps of the vertical rare earth supply chain,
reaching many new consumer segments across the globe. It also allows us to reach
new and highly specialized niche segments that require value added, specialty
products, given Neo Materials’ downstream high value added materials for rare
earth applications – a key differentiator and rationale behind this transaction.
We continue to place a high value on the expertise, dedication, and commitment
to excellence that Neo Materials’ people will bring to our company, and I look
forward to a rapid and seamless integration of our organizations.”
“The Board of Directors and I believe the growth and profit potential of this
combination will be immediately accretive to Molycorp’s earnings and will
position the Company for strong returns for the future,” Smith concluded.
Additional background information on Neo Materials can be seen in the “Corporate
and Investor Info/Presentations” section of Neo Materials’ website, located
here.
About Neo Materials
Neo Material Technologies Inc. is a producer, processor and developer of
neodymium-iron-boron magnetic powders, rare earths and zirconium based
engineered materials and applications, and other rare metals and their compounds
through its Magnequench and Performance Materials business divisions. These
innovative products are essential in many of today's high technology products.
Magnequench's Neo powders are used to produce bonded magnets, generally used in
micro motors, precision motors, sensors and other applications requiring high
levels of magnetic strength, flexibility, small size and reduced weight. Rare
earth and zirconium applications include catalytic converters, computers,
television display panels, optical lenses, mobile phones and electronic chips.
The Company's rare metals products are primarily used in the wireless, LED, flat
panel, turbine, solar and catalyst industries. The Company is headquartered in
Toronto, Canada.
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Molycorpは6月16日、鉱山の拡張・近代化計画（Project
Phoenix）のための 781百万ドルの最後の資金を確保したと発表した。
2016年満期の230百万ドルの転換社債（利率3.25%)の発行が完了した。
同社は11500千株（586.5百万ドル）の増資も行っている。
これにより、レアアースメタルやネオジム・鉄・ホウ素(NdFeB)合金、サマリウム‐コバルト合金など下流製品の生産も可能となり、'Mine-to-Magnets' 計画達成に近づく。
2011/9/22 住友商事の米国レアアース企業への出資取り止め、日立金属のJVも中止
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July 21, 2009 Neo Material
Neo Material Technologies Signs Agreement with Mitsubishi Corporation for the Development of the Pitinga Rare Earth Resource
Neo Material Technologies Inc. announced
today that it has signed a Memorandum of Understanding with Mitsubishi
Corporation . This MoU represents the establishment of a strategic partnership
between Neo and Mitsubishi for the identification, development and
commercialization of rare earth resource opportunities outside of China.
Under the terms of the agreement, Mitsubishi will fund up to
US$2.5 million of all costs associated with Neo's development of the heavy rare
earth resource at the Pitinga tin mine in Brazil owned and operated by Mineracao
Taboca. As part of the agreement, Neo is also committed to use its reasonable
best efforts to include Mitsubishi's participation in the commercial phase of
the Pitinga project with Taboca and to allocate a portion of all mixed rare
earth concentrate produced from Pitinga to Mitsubishi for its own use.
レアメタルニュース 2009年9月16日号
三菱商事 Ｎｄ-Ｆｅ-Ｂ系磁石用ディスプロシウム
スズ副産物として重希土類資源を開発
三菱商事は,Nd-Fe-B系ボンド磁石用合金で最大手のカナダNeo Material Technoligies社（旧AMR,
旧Magnequentが合併）と共同でブラジルのPitingaスズ鉱山から重希土類の回収プロジェクトに参加した。同プロジェクトはスズ鉱山の残さに含まれるゼノタイムからディスプロシウムＤｙ）などの重希土類を回収するもので，出資比率と引取り権は２割強。三菱商事は，ハイブリッド車（ＨＥＶ）や電気自動車など「自動車の電動化」に対応した川上の原料から川下の自動車までのバリューチェーンを構築するべく，モーターとリチウムィオン電池（ＬＩＢ）の関連分野への投資を進めており，モーター用Nd-Fe-B系焼結磁石に使用されるＤｙの安定調達を目指す。重希土類の供給源は現在中国に依存しているが，需要家の多くが中長期的な安定調達の視点で問題視しており，ブラジルを新たな供給源にしたい考え。
三菱商事は08年6月にネオマテリアル社とＭＯＵを結ぶ
同社は重希土類の開発に当り, ・副産物としての資源開発, ・溶媒抽出技術, ・大手需要家の参加の３点を重視してきた。まず,副産物として重希土類を回収するため,別の主産物で稼動する鉱山の残さを調査してきた。インフラの費用や開発期間を減らし,プロジェクトの実現性を高められる。
ブラジルの非鉄会社Paranapanema社は，子会社Taboca社のPitingaスズ鉱山の残さに含まれるゼノタイムの調査をネオマテリアル社と共同で始め，三菱商事とネオマテリアル社は08年6月に，三菱が最大250万ドルの調査費を負担するＭＯＵを結んだ。
Paranapanema社が11月に子会社Taboca社をペルーの非鉄会社Minsur社に売却したが，Minsur社もプロジェクトを推進。三菱商事は今年6月にネオマテリアル社と新たにＭＯＵを結び，出資比率と引取り比率が２割強となった。権益が採掘前のスズ鉱石に拡大し，調査期間の延長も決まった。
今後は，ゼノタイムの精鉱を追加調査し，重希土類の資源量をより詳細に割り出していく。外部のエンジニアリング会社とともにプロセス開発も必要となる。
ネオマテリアル社は中国で抽出分離工程を稼動
鉱山で純分を高めた精鉱（混合炭酸希土類）を生産しても，中間工程もほぼ中国の寡占状態にあり，新規開発のネックとなってきた。日本国内では，信越化学工業が溶媒抽出工程（精鉱から酸化物の分離品を生産），三徳が製錬工程（酸化物から金属にする）を稼動。昭和電工は来年ベトナムで溶媒抽出，製錬設備の設置を計画するものの，日本で使用される希土類の大部分は中国の抽出分離・製錬メーカーから供給を受けている。
ネオマテリアル社は，中国の溜博加華新材料資源（山東省）で軽希土類の精鉱から自動車排ガス触媒や磁石を製造，北米で販売。江陰市加華新材料資源（江蘇省）では，重希土類から磁石，蛍光体，光学ガラス，電子部品といったハイテク製品の原料を製造するなど，抽出分離技術をもつ。ネオマテリアル社はボンド磁石の原料となる合金粉末を製造しており，初めから売り先を確保できるメリットもある。
ただし，ゼノタイムは，トリウム（Ｔｈ）など放射性物質が中国・南部より多いとされるため，プロジェクトの参加企業は「厳密な管理が必要」との認識で一致している。ブラジル政府も国家管理に前向きな姿勢をみせている。