Hitachi Metals:talking with Molycorp on rare earth JVs

Rare Earth materials in Hybdrid  vehicle (Credit Photo @ MolyCorp)

Dec 21 -Japan’s Hitachi Metals Ltd  said on Tuesday it is in talks with Molycorp Inc (MCP.N) to jointly produce rare earth metals in the United States where demand is seen rising in line with growth in the electric vehicle market.Hitachi Metals expects it and Molycorp, a U.S. producer of rare earth metals, to reach an accord during the first quarter of 2011 on setting up joint ventures to produce neodymium magnets and alloys for the magnets, Hitachi Metals said in a statement.

Source : Reuters

Posted in Strategy.

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