ERP Floats Bid Worth $100M For Molycorp's Rare Earth Mine
Law360, Wilmington (April 25, 2017, 9:29 PM EDT) -- Environmentalist Tom Clarke’s ERP Strategic Minerals LLC put in a Chapter 11 stalking horse bid for Molycorp’s long-mothballed Mountain Pass, California, rare earth mine, the nation’s only major source of the minerals used for consumer electronics, at roughly $100 million when assumed liabilities are factored in, the company said Tuesday.
The floor bid from ERP consists of $1.2 million in cash, plus the assumption of a bevy of liabilities that the buyer estimated could exceed $100 million and includes the cost of environmental cleanup that could have fallen into the lap of California and federal regulators, as well as insurers who...
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