from Outsider Club:
Rare earth miner Molycorp (NYSE: MCP) surged nearly 30% Monday after the television program “60 Minutes” aired a report on the company and its business.
The thrust of the report was that rare earth elements are widely used in many advanced technologies – everything from electric car batteries to fighter jets. And China, which mines 90% of the world’s rare earth metals, has a veritable monopoly on them.
The national attention generated enough interest to ignite Molycorp stock, as well as Rare Element Resources (NYSE: REE) and Avalon Rare Metals (NYSE: AVL). The Market Vectors Rare Earth/Strategic Metals ETF (NYSE: REMX) edged up 3%.
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