Molycorp, Inc.: Molycorp Announces Mechanical Completion and the Start of Commissioning of Both the Chloralkali Plant and the

  Molycorp, Inc.: Molycorp Announces Mechanical Completion and the Start of
Commissioning of Both the Chloralkali Plant and the Final Unit of Multi-Stage
                          Cracking at Mountain Pass

Greenwood Village, CO(8 a.m. Eastern, Wednesday, Oct. 2, 2013)-
Molycorp,Inc. (NYSE: MCP) ("Molycorp" or the "Company") today announced that
the chloralkali plant at Mountain Pass, California, is now mechanically
complete and that full-scale commissioning operations have commenced.

The chloralkali plant will recycle wastewater and produce hydrochloric acid
and caustic soda used as part of the rare earth separations process. Company
officials said that once fully operational andoptimized, the chloralkali
plant is expected to help the facility achieve its cash production cost
targets, whichthe Company believes will make it competitive with the lowest
cost producers globally.

The Company also confirmed that thefinalunit of its multi-stage cracking
plantat Mountain Pass is now mechanically complete and is being
commissioned.The unit is part of a multi-stage chemicalprocess designed to
increase the facility's current rare earth recovery rates, increase production
throughput, and contribute to lower unit production costs.

"These are the last major construction activities of Project Phoenix, the
re-build ofMountain Pass, and we expect these units to be commissioned and
enter into production in the fourth quarter of 2013,"said Constantine
Karayannopoulos, President and Chief Executive Officer of Molycorp. "Bringing
these units online will help us focus on increasing productionwhile
continuing to reduce our production costs."

# # #

For more information:

Jim Sims, +1 (303) 843-8062
Vice President, Corporate Communications
Jim.Sims@Molycorp.com

Brian Blackman, +1 (303) 843-8067
Vice President, Investor Relations
Brian.Blackman@Molycorp.com

About Molycorp, Inc.

Molycorp is the only advanced material manufacturer in the world that both
controls a world-class rare earth resource and can produce high-purity, custom
engineered rare earth products to meet increasingly demanding customer
specifications. A globally integrated manufacturer, the Company produces a
wide variety of specialized products from 13 different rare earths (lights and
heavies), five rare metals (gallium, indium, rhenium, tantalum and niobium),
and the transition metals yttrium and zirconium. With 27 locations across 11
countries, Molycorp produces rare earth magnetic materials through its
Molycorp Magnequench subsidiary, including neodymium-iron-boron (NdFeB) magnet
powders, used to manufacture bonded NdFeB permanent rare earth magnets.
Through its joint venture with Daido Steel and the Mitsubishi Corporation,
Molycorp manufactures next-generation, sintered NdFeB permanent rare earth
magnets. The Company also markets and sells a line of rare earth-based water
treatment products through its Molycorp Advanced Water Technologies
subsidiary.For more information please visitwww.molycorp.com.

SAFE HARBOR STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements that represent Molycorp's
beliefs, projections and predictions about future events or Molycorp's future
performance. Forward-looking statements can be identified by terminology such
as "may," "will," "would," "could," "should," "expect," "intend," "plan,"
"anticipate," "believe," "estimate," "predict," "potential," "continue" or the
negative of these terms or other similar expressions or phrases. These
forward-looking statements are necessarily subjective and involve known and
unknown risks, uncertainties and other important factors that could cause
Molycorp's actual results, performance or achievements or industry results to
differ materially from any future results, performance or achievement
described in or implied by such statements.

Factors that may cause actual results to differ materially from expected
results described in forward-looking statements include, but are not limited
to: the potential need to secure additional capital to implement Molycorp's
business plans, and Molycorp's ability to successfully secure any such
capital; Molycorp's ability to complete its planned capital projects, such as
its modernization and expansion efforts, including the achievement of an
initial annual production rate of 19,050 metric tons at the Mountain Pass rare
earth mine and processing facility, which we refer to as the Molycorp Mountain
Pass facility, and reach full planned production rates for REO and other
planned downstream products, in each case within the projected time frame; the
success of Molycorp's cost mitigation efforts in connection with the
modernization and expansion efforts at the Molycorp Mountain Pass facility,
which, if unsuccessful, might cause its costs to exceed budget; the final
costs of Molycorp's planned capital projects, which may differ from estimated
costs; Molycorp's ability to successfully integrate Neo Material Technologies,
Inc. (now Molycorp Canada), with its operations; Molycorp's ability to achieve
fully the strategic and financial objectives related to the acquisition of
Molycorp Canada, including the acquisition's impact on Molycorp's financial
condition and results of operations; unexpected costs or liabilities that may
arise from the acquisition, ownership or operation of Molycorp Canada; risks
and uncertainties associated with intangible assets, including any future
goodwill impairment charges; market conditions, including prices and demand
for Molycorp's products; Molycorp's ability to control its working capital
needs; foreign exchange rate fluctuations; the development and
commercialization of new products; unexpected actions of domestic and foreign
governments; various events which could disrupt operations, including natural
events and other risks; uncertainties associated with Molycorp's reserve
estimates and non-reserve deposit information, including estimated mine life
and annual production; uncertainties related to feasibility studies that
provide estimates of expected or anticipated costs, expenditures and economic
returns, REO prices, production costs and other expenses for operations, which
are subject to fluctuation; uncertainties regarding global supply and demand
for rare earths materials; uncertainties regarding the results of Molycorp's
exploratory drilling programs; Molycorp's ability to enter into additional
definitive agreements with its customers and its ability to maintain customer
relationships; Molycorp's sintered neodymium-iron-boron rare earth magnet
joint venture's ability to successfully manufacture magnets within its
expected timeframe; Molycorp's ability to successfully integrate other
acquired businesses; Molycorp's ability to maintain appropriate relations with
unions and employees; Molycorp's ability to successfully implement its
vertical integration strategy; environmental laws, regulations and permits
affecting Molycorp's business, directly and indirectly, including, among
others, those relating to mine reclamation and restoration, climate change,
emissions to the air and water and human exposure to hazardous substances
used, released or disposed of by Molycorp; and uncertainties associated with
unanticipated geological conditions related to mining; and the outcome of the
stockholder class action litigation, derivative litigation and the SEC
investigation, including any actions taken by government agencies in
connection therewith.

For more information regarding these and other risks and uncertainties that
Molycorp may face, see the section entitled "Risk Factors" of the Company's
Annual Report on Form 10-K for the year ended December 31, 2012 and of the
Company's Quarterly Reports on Form 10-Q. Any forward-looking statement
contained in this release or the Annual Report on Form 10-K or the Quarterly
Reports on Form 10-Q reflects Molycorp's current views with respect to future
events and is subject to these and other risks, uncertainties and assumptions
relating to Molycorp's operations, operating results, growth strategy and
liquidity. You should not place undue reliance on these forward-looking
statements because such statements speak only as to the date when made.
Molycorp assumes no obligation to publicly update or revise these
forward-looking statements for any reason, or to update the reasons actual
results could differ materially from those anticipated in these
forward-looking statements, even if new information becomes available in the
future, except as otherwise required by applicable law.

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Source: Molycorp, Inc. via Thomson Reuters ONE
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