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ERR - American mining company Molycorp has bought up a 90.023 share in Estonia's rare earth metals producer AS Silmet, taking control of one of very few sources of the much-sought materials outside China.
The Colorado-based firm paid approximately 62 million euros for its shares, buying 80 percent of the company from former majority holder Silmet Grupp, owned by former prime minister Tiit Vähi, and the remainder of its shares from Austrian firm Treibacher Industrie AG. The deal leaves Silmet Grupp with just under 10 percent ownership, according to a release from Molycorp.
"This acquisition provides Molycorp with a European base of operations as well as a larger global customer base, greater rare earth production capacity, and an expanded product line that extends our interests into other strategic metals and technologies," Mark Smith, Molycorp CEO, said in the April 4 statement.
Read more: http://news.err.ee/economy/c12a9355-2b41-46d3-b00e-875806144126
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