The illustrious REE Playbook continues to evolve after the game-changing news of Molycorp’s (NYSE: MCP) acquisition of Neo Material Technologies Inc. (TSX: NEM) crossed the wire last night. Robin Bromby’s first piece of the day on world expert Dudley Kingsnorth this morning summed it up perfectly when he said that it was back to the drawing board, and then guaranteed that all the future outlook for REE demand will have to be recalibrated.
Neo Material is up 35.76%* and the market has barely been open for 2 hours. Record breaking numbers on RareMetalBlog today, and this means one thing: interest in rare earths. So we thought we would extend a couple of highlight updates from this week’s news as you review your REE Portfolio.
Here are the Top 10 Movers on www.RareMetalStock.com today (prices from 11:15 AM EST and taken from YahooFinance):
|Company Name||Ticker||Share price||% Change|
|Avalon Rare Metals Inc.||TSX: AVL||$2.92||+7.04|
|Frontier Rare Earths Ltd.||TSX: FRO||$1.18||+7.27%|
|Hastings Rare Metals Ltd.||ASX: HAS||$0.140||+7.69%|
|Lynas Corp. Ltd.||ASX: LYC||$1.180||+9.26%|
|Medallion Resources Inc.||TSXV: MDL||$0.255||+6.25%|
|Montero Mining and Exploration Ltd.||TSXV: MON||$0.170||+9.68%|
|Molycorp Inc.||NYSE: MCP||$29.02||+11.70%|
|Quest Rare Minerals*||TSX: QRM||$3.00||+20.00%|
|Rare Element Resources Ltd.||TSX: RES||$5.84||+15.85%|
|Neo Material Technologies Inc.||TSX: NEM||$10.82||+35.76%|
|Tasman Metals Ltd.||TSXV: TSM||$2.37||+13.94|
*Prices taken from Yahoo Finance at 5 PM EST for Quest Rare Minerals (TSX: QRM). Quest was inadvertently missed due to an error in information feeds to our site tat has now been corrected.
- Last night I met with Alastair Neil from Dacha Strategic Metals Inc. (TSXV: DSM), and so this company is front of mind as I had to leave him at Rodney’s when I received the Molycorp news on my BB. Dacha is an interesting way to invest in REEs. Dacha focuses on stockpiling certain heavy rare earths such as terbium, dysprosium, gadolinium, europium and yttrium. It also stockpiles critical strategic metals such as indium, gallium, selenium, tellurium, rhenium and hafnium. Dacha’s main objective is to achieve long-term capital appreciation of its rare earths thought buying, holding and selling.
- On Wednesday, Hastings Rare Metals Ltd. (ASX: HAS) announced it has engaged Jacobs Engineering Group to manage the Hastings HREO project. Both firms will work together to advance the project to development through the pre-feasibility study (PFS) stage. Hastings is targeting completion of the scoping study by August 2012. Hasting shares are trading at AUD$0.140 with a market capitalization of AUD$100 million.
- Earlier in the week Dr. Tony Harwood came by our offices and gave us an update on his news this week Matamec Identifies Prospective Rare-Earth Minerals at the Surprise Showing on its Zeus HREE-Y-Zr Property. Montero Mining & Exploration Ltd. (TSXV: MON) announced that first samples of concentrate rare earth chemical grade products were produced from bastnasite-rich carbonatite material from the Wigu Hill Rare Earth site in Tanzania. The products produced included mixed rare earth carbonate, oxalate and hydroxide as well as an individual cerium hydroxide product. Montero shares are trading at CDN$0.155 with a market capitalization of CDN$8.48 million.Dr. Tony Harwood President & CEO of Montero commented, “The production of samples of Mixed Rare Earth and Cerium chemical products for marketing purposes is a major milestone as it will enable Montero to enter into advance discussions with off-take partners able to assist in the financing of mine and refinery operations.
- Globe Metals & Mining Ltd. (ASX: GBE) with shares trading at AUD$0.170 and a market capitalization of AUD$38.06 million, is focused on the multi-commodity Kanyika Niobium Project in Malawi, Africa, which will commence production of ferro-niobium in 2014, is a key additive in sophisticated steels. Globe also has a number of other projects at an earlier stage of development: the Machinga REE Project in southern Malawi and the Mount Muambe REE-Fluorite Project in Mozambique…news out this AM .
- News at onset in the week from Matamec Resources (TSX: MAT) Matamec Identifies Prospective Rare-Earth Minerals at the Surprise Showing on its Zeus HREE-Y-Zr Property and we had Director of Investor Relations Caroline Wilson in the office yesterday morning providing us with an update…
James Hedrick, the Editor of the REEHandbook just dropped in…so we look forward to Robin Bromby’s week-in-review…also check out from this week as there has been a lot of big news from RareMetalBlog sponsors this week!