Molycorp to Announce Southern California Rare Earth Rediscovery Tuesday

Molycorp (NYSE: MCP) plans to announce on Tuesday, a deposit containing so-called heavy rare earths, at a Washington Conference sponsored by the Energy Department, the European Commission and Japan's trade ministry. The deposit is located on land near Mountain Pass, California, where the company has been mining since the 1950's.

China currently produces 99 percent of world's heavy rare earth supply. Molycorp's CEO, Mark Smith, said the company could begin producing heavy rare earths in just over a year from now.

The Energy Department said it could take 15 years for the United States to end its dependence on China for heavy rare earths.