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US group takes over Estonian rare earths processor

Post Time:Apr 05,2011Classify:Industry NewsView:124

U.S. group Molycorp has bought out Estonia's Silmet, one of only two rare earth processors in Europe, the latter's director told AFP Monday [April 4], amid concerns over China's stranglehold on the crucial metals.

David O'Brock said that Colorado-based Molycorp paid around $89 million for a 90-percent stake, the bulk bought from parent company Silmet Grupp which will retain almost 10 percent, according to an April 4 AFP report.

Cerium oxide--the most efficient polishing material for glass--is one of the 17 elements that compose rare earth minerals.

Read a Glass Magazine article on the effects of rare earths' scarcity on the glass and glazing industry.

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