$20.5M Bid Tops Molycorp Auction, Beats Stalking Horse

Law360, Wilmington (June 15, 2017, 5:54 PM EDT) -- A bankruptcy auction battle produced a $20.5 million tentative winning cash bid for Molycorp Minerals LLC's idled California rare earth mine, company officials reported Thursday, in a disputed outcome that ended far above the company's initial $1.2 million stalking horse offer.

The apparent winner, MP Mine Operations LLC, includes two noteholder groups from Molycorp's original bankruptcy as well as Chinese investor Shenghe Resources Shareholding Co. Ltd.

Coming in second with a $20 million bid was ERP Strategic Minerals LLP, a venture led by billionaire Thomas Clarke and that had been designated initially as the mine's bidder-to-beat. MPMO submitted a last-minute, $1.4...

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