US group takes over Estonian rare earths processor
U.S. group Molycorp has bought out Estonia's Silmet, one of only two rare earth processors in Europe, the latter's director told AFP Monday [April 4], amid concerns over China's stranglehold on the crucial metals.
David O'Brock said that Colorado-based Molycorp paid around $89 million for a 90-percent stake, the bulk bought from parent company Silmet Grupp which will retain almost 10 percent, according to an April 4 AFP report.
Cerium oxide--the most efficient polishing material for glass-- is one of the 17 elements that compose rare earth minerals.
Read a Glass Magazine article on the effects of rare earths' scarcity on the glass and glazing industry.