Molycorp Opens Japan Office, Anticipates Quadrupling of Japan Sales

Based in Greenwood Village, Colo., Molycorp, Inc. is the largest producer of rare earth materials outside of China. Rare earths are used in a wide array of industrial applications, including metal alloys, magnets, aircraft, smartphones, laptop computers, LED televisions, computer screens, superconductors, cancer treatments, nickel-metal hydride batteries in hybrid cars, wind turbines, lasers, nuclear reactors, X-ray systems, fuel cells, and many others.

Currently, China produces 97% of the world's rare earths, and it has steadily reduced its exports to the rest of the world in recent years. Numerous Japanese companies, particularly advanced technology manufacturers, rely on these materials, and China's shrinking exports have demonstrated the importance of having a diverse supply of rare earths.

In August, Molycorp opened an office in Japan to better support its customers there. We spoke with company President, CEO and Director, Mark A. Smith, about the opportunities that led Molycorp to set up the office and their experience working with JETRO in the process.

>> Read more