Molycorp, the only rare earth oxide (REO) producer in the Western Hemisphere, filed on Friday with the SEC to raise up to $350 million in an initial public offering. The Greenwood Village, CO-based company, whose predecessor was founded in 1950, booked $7 million in sales last year. Molycorp claims to own the most fully developed rare earth project outside of China, which accounted for 97% of global REO production in 2008. The company plans to list on the NYSE under the symbol MCP with J.P. Morgan and Morgan Stanley acting as the lead underwriters on the deal. Pricing terms and timing were not disclosed.
