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Who says there isn& #39;t a god?
Those of you old enough to remember Molycorp, have been delivered a gift this morning.
$FVAC is buying the Mountain Pass rare earths mine that was the primary asset of Molycorp ($MCP).
Those of you old enough to remember Molycorp, have been delivered a gift this morning.
$FVAC is buying the Mountain Pass rare earths mine that was the primary asset of Molycorp ($MCP).
2/ $MCP went public in 2010 amidst the last panic over Chinese control of much of the world’s rare earth supply. It proceeded to raise and destroy about $4B in the process of trying to make Mountain Pass a functional source of rare earths.
3/ They never succeeded. The processing portion of the mine was gripped by one snafu after another, and never produced product of sufficient quality to send to the downstream portions of $MCP’s product operations.
4/ $FVAC is now the next iteration of $MCP. The co& #39;s CEO will be a hedge fund guy who hails from Fortress. Its board will feature a former advertising executive, a retired general, another Fortress guy as well as a guy that ran $DB ‘s internal hedge fund unit back in the day.
5/ This SPAC boom is going to produce some incredible shorts when the hysteria subsides. This is one to put at the top of your list of names to watch.
A great review of the $MCPIQ fiasco can be found on @thecreditbubble ‘s blog here: http://www.creditbubblestocks.com/search/label/MCP">https://www.creditbubblestocks.com/search/la...
A great review of the $MCPIQ fiasco can be found on @thecreditbubble ‘s blog here: http://www.creditbubblestocks.com/search/label/MCP">https://www.creditbubblestocks.com/search/la...
7/ It& #39;s worth noting that as recently as 3 years ago, the then CEO of Mountain Pass was at the White House begging for the company to be taken over by the government.
Seems like they& #39;ve been looking to add a patsy to the poker table for a while.
Seems like they& #39;ve been looking to add a patsy to the poker table for a while.
The Mountain Pass facility has not successfully processed ore since 1998. Note the CEO& #39;s comments in this piece from last year that the processing facility needs to be "completed" https://www.scmp.com/business/commodities/article/3011687/caught-between-trump-and-its-biggest-market-americas-sole-rare">https://www.scmp.com/business/...
