Molycorp Names Industry Veteran Geoff Bedford as Next President

 
FSC / Press Release 
Molycorp Names Industry Veteran Geoff Bedford as Next President and CEO
(NYSE:MCP)($MCP) 
Greenwood Village, CO US, October 08, 2013 /FSC/ - Molycorp, Inc (NYSE:
MCP),("Molycorp" or the "Company") today named Geoff Bedford, the Company's
current Executive Vice President and Chief Operating Officer and a 14-year rare
earth industry veteran, as the Company's next President and Chief Executive
Officer.  He will replace Constantine Karayannopoulos, who was appointed interim
President and CEO in December 2012 and who will continue as a Director and Vice
Chairman of the Molycorp Board of Directors. 
Mr. Bedford will assume the President and CEO position effective December 2,
2013. During the transition period, Mr. Karayannopoulos will continue as interim
President and CEO as Mr. Bedford takes on increasing responsibilities. 
Mr. Bedford, 47, previously served as Executive Vice President and Chief
Operating Officer of Neo Material Technologies until Molycorp acquired Neo
Materials in June 2012. Prior to that, he served as Executive Vice President of
the Performance Materials Division of Neo Materials from 2005 to 2011, and as
Executive Vice President, Finance, and Chief Financial Officer, from 1999 to
2005. 
"Geoff Bedford is one of the rare earth industry's most seasoned and experienced
leaders, and he led the successful effort over the past year to integrate
Molycorp's global team and our assets, facilities, and market strategies," said
Karayannopoulos. "His steady hand will ensure a smooth and seamless execution of
our business plan, and his visionary leadership will help position the Company
to take advantage of the many growth opportunities on our horizon." 
"Molycorp is very fortunate to have someone of Geoff's caliber, expertise, and
breadth of rare earth industry knowledge to assume the next generation of
leadership of the Company," said Ross R. Bhappu, Chairman of the Molycorp Board
of Directors.  "He has the operational experience as well as the deep knowledge
of this Company to lead Molycorp to the next level of performance." 
Mr. Bedford is a Canadian Chartered Accountant holding a Bachelor of Science
degree from the University of Western Ontario and a Masters of Business and
Administration from Northwestern University's Kellogg School of Management. 
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
visit www.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. 
_____________________________________________________________
Copyright (c) 2013 Molycorp, Inc., All rights reserved. 
To view this press release as a PDF file, click onto the following link:
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