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Silmet Rare Earth Metals Plant Helps Boost Molycorp Turnover
The US rare earth metals producer Molycorp increased its turnover by 221 percent, from 20 to 65 million euros, in the first quarter of 2012.
According to the corporation, a big factor of growth was the acquisition of the Silmet plant in Estonia and of Molycorp Metals & Alloys in Arizona in the second quarter of 2011.
The company's gross profit in the first quarter amounted to 24 million euros, compared to 7.5 million euros in the same quarter of 2011.
Also in the first quarter of this year, investors took a gross loss of 4.8 million euros.
Molycorp purchased a 90 percent stake in Silmet in April 2011 for 69 million euros.
Ott Tammik