Molycorp Seeks OK For Mine Bids After $40M Stalking Horse

Law360, Wilmington (February 1, 2017, 8:13 PM EST) -- A Chapter 11 trustee for Molycorp Minerals LLC sought Delaware bankruptcy court approval late Tuesday to pursue a minimum sale of $40 million for the company’s California rare earth mine, less than a year after officials discussed abandoning the site.

Trustee Paul E. Harner of Ballard Spahr LLC said the proposed March bidding plan, to be led by a $40 million “stalking horse” offer, followed a months-long effort by Batuta Capital Advisors LLP to market the mine and solicit potential buyers

The idled mine, in San...
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