(August 6) Molycorp, Inc. (NYSE: MCP) today announced financial and operating results for the second quarter 2014, reporting product sales volume of 2,996 metric tons (mt), a 15% decrease over the first quarter 2014, at an average selling price (“ASP”) of $39.02/kg, a 16% increase over the preceding quarter’s ASP of $33.69/kg.
Net revenues for the second quarter were $116.9 million, a 1% decrease from the first quarter 2014. The company reported a net loss of $0.37 per share for the quarter. The company reported a net loss of $0.29 per share for the quarter on an adjusted non-GAAP basis.
Molycorp’s Resources segment, comprised of its Mountain Pass, California rare earth mine and processing facility, sold 974 mt of rare earth oxide equivalent products for $10.0 million in revenues. ASP for the quarter was $10.30/kg. Production volume for the quarter was 1,639 mt, a 48% increase over first quarter production of 1,111 mt. Cash cost for production dropped to $16.54/kg, a 39% decrease over production cash costs of $27/kg in the previous quarter.
The company’s chemicals and oxides segment sold 1,582 mt and reported $48.6 million in revenues. The slight decrease in volume was offset by higher ASP due to a favorable increase of Nd and Pr in the product mix.
Its magnetic materials and alloys segment sold 1,383 mt of magnetic powders. Revenues for the segment were $54.4 million on ASP of $39.31/kg.
Finally, Molycorp’s rare metals segment reported sales volume of 79 mt on revenues of $15.9 million. ASP for the segment was $201.81/kg.