(Mark One) | |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2014 | |
OR | |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Delaware (State or other jurisdiction of incorporation or organization) | 27-2301797 (I.R.S. Employer Identification No.) |
5619 Denver Tech Center Parkway, Suite 1000 Greenwood Village, Colorado (Address of principal executive offices) | 80111 (Zip Code) |
Large accelerated filer x | Accelerated filer ¨ | Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
PAGE | |
ARO | Asset Retirement Obligation. |
ASC | Accounting Standards Codification. |
ASP | Average Selling Price. |
Assay | The analysis of the proportions of metals in ore, or the testing of an ore or mineral for composition, purity, weight, or other properties of commercial interest. |
ASU | Accounting Standards Update. |
Bastnasite | Bastnasite is a mixed-lanthanide fluoro-carbonate mineral (Ln F CO3) that currently provides the bulk of the world's supply of the light REEs. Bastnasite and monazite are the two most common sources of REEs. Bastnasite is found in carbonatites, igneous carbonate rocks that melt at unusually low temperatures. |
Board | Molycorp's Board of Directors. |
Bonded magnet | Bonded neodymium-magnets are prepared by melt spinning a thin ribbon of the NdFeB alloy. The ribbon contains randomly oriented Nd2Fe14B nano-scale grains. This ribbon is then pulverized into particles, mixed with a polymer and either compression or injection molded into bonded magnets. Bonded magnets offer less flux than sintered magnets, but can be net-shape formed into intricately shaped parts and do not suffer significant eddy current losses. |
Cerium | Cerium (Ce) is a soft, silvery, ductile metal which easily oxidizes in air. Cerium is the most abundant of the REEs, and is found in a number of minerals, including monazite and bastnasite. Cerium has two relatively stable oxidation states, enabling both the storage of oxygen and its widespread use in catalytic converters. Cerium is widely used in the glass polish industry and in many other applications. |
CHP | Combined Heat and Power. |
Concentrate | Concentrate is a mineral processing product that generally describes the material that is produced after crushing and grinding ore, effecting significant separation of gangue (waste) minerals from the desired metal and/or metal minerals, and discarding the waste minerals. The resulting “concentrate” of minerals typically has an order of magnitude higher content of minerals than the beginning ore material. |
Cut-off grade | Cut-off grade is the lowest grade of mineralized material that qualifies as ore in a given deposit. The grade above which minerals are considered economically mineable considering the following parameters: estimates over the relevant period of mining costs, ore treatment costs, general and administrative costs, refining costs, royalty expenses, by-product credits, process and refining recovery rates and price. |
Didymium | Didymium is a natural and unseparated combination of neodymium and praseodymium, which is approximately 75% neodymium and 25% praseodymium, depending on the ore. |
Dysprosium | Dysprosium (Dy) is a REE with a metallic silver lust. A few percent of Dy is often added to high-power NdFeB magnets to increase their resistance to demagnetization. A minor use of dysprosium is in the magnetostrictive alloy, based on DyTbFe, called terfenol-D. |
EBITDA | Earnings Before Interest, Taxes, Depreciation and Amortization |
Europium | Europium (Eu) is a REE with luminescent properties. Excitation of the europium atom, by absorption of energy, results in a visible emission. Almost all practical uses of europium utilize this luminescent behavior. |
Exchange Act | U.S. Securities Exchange Act of 1934, as amended. |
FASB | Financial Accounting Standards Board. |
FCC | Fluid Catalytic Cracking. |
GAAP | Accounting principles generally accepted in the United States. |
Gadolinium | Gadolinium (Gd) is a REE that absorbs neutrons and therefore is used for shielding and controlling neutron radiography and in nuclear reactors. Because of its paramagnetic properties, solutions of organic gadolinium complexes and gadolinium compounds are popular intravenous contrast enhancing agents for medical Magnetic Resonance Imaging (MRI). Gadolinium is sometimes added to samarium cobalt magnets to make their magnetic properties less temperature dependent. |
Gallium | Gallium is a rare metal not found in nature, but it is easily obtained by smelting. Very pure gallium metal has a brilliant silvery color and its solid metal fractures conchoidally like glass. Almost all gallium is used for microelectronics. |
Grade | The average REE content, as determined by assay of a metric ton of ore. |
Indium | Indium is a rare, very soft, malleable and easily fusible post-transition metal that is chemically similar to gallium and thallium, and shows intermediate properties between these two. Indium's current primary application is to form transparent electrodes from indium tin oxide (ITO) in liquid crystal displays and touchscreens, and this use largely determines its global mining production. It is widely used in thin-films to form lubricated layers. It is also used for making particularly low melting point alloys, and is a component in some lead-free solders. |
Lanthanum | Lanthanum (La) is the first member of the Lanthanide series. Lanthanum is a strategically important REE due to its use in fluid bed cracking catalysts, or FCCs, which are used in the production of transportation and aircraft fuel. Lanthanum is also used in fuel cells, batteries, and many other products. |
LED | Light-emitting diode. |
LREC | Light rare earth concentrate (purified and unseparated). |
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations. |
Mill | A processing plant that produces a concentrate of the valuable minerals contained in an ore. |
Mineralization | The process or processes by which a mineral or minerals are introduced into a rock, resulting in a valuable or potentially valuable deposit. |
Molycorp Canada | Molycorp Minerals Canada ULC (formerly Neo Material Technologies Inc.). |
Mountain Pass | The Molycorp Minerals, LLC rare earth minerals mining and processing facility located in Mountain Pass, California. |
Molycorp Silmet | Molycorp Silmet AS - Sillamäe, Estonia. |
MMA | Molycorp Metals and Alloys, Inc. - Tolleson, Arizona. |
Monazite | Monazite is a reddish-brown phosphate mineral. Monazite minerals are typically accompanied by concentrations of uranium and thorium. This has historically limited the processing of monazite, however this mineral is becoming more attractive because it typically has slightly elevated concentrations of mid-to heavy rare earths as compared to rare earth-containing minerals such as bastnasite. |
mt | Metric Ton = 2,205 pounds. |
Niobium | Niobium is a rare, soft, grey, ductile transition metal found in the mineral pyrochlore, the main commercial source for niobium, and columbite. Niobium is used mostly in alloys, the largest part in special steel such as that used in gas pipelines. Although alloys contain only a maximum of 0.1% of niobium, that small percentage improves the strength of the steel. The temperature stability of niobium-containing superalloys is important for its use in jet and rocket engines. Niobium is also used in various superconducting materials, among other applications. |
NdFeB | Neodymium-iron-boron alloy. |
NdPr | Neodymium/Praseodymium. |
Nd2O3 | Neodymium(III) oxide or neodymium sesquioxide is the chemical compound composed of neodymium and oxygen. |
Neodymium | Neodymium (Nd) is a REE used in a wide variety of applications, particularly as a key constituent of NdFeB permanent magnets and as an additive to capacitor dielectrics. NdFeB magnets have a relatively high power/weight ratio, and are used in a large variety of motors, generators, sensors and computer hard disk drives. Capacitors containing neodymium are found in cellular telephones, computers and nearly all other electronic devices. A minor application of neodymium is in lasers. |
Neo PowdersTM | NdFeB magnet powders. |
Ore | That part of a mineral deposit which could be economically and legally extracted or produced at the time of reserve determination. |
Overburden | In surface mining, overburden is the material that overlays an ore deposit. Overburden is removed prior to mining. |
Praseodymium | Praseodymium (Pr) is a REE that generally comprises about 4% of the lanthanide content of bastnasite and is used in several applications, including in NdFeB magnetic materials and as a coloring pigment in photographic filters, airport signal lenses, and welder's glasses. |
Probable reserves | Reserves for which quantity and grade and/or quality are computed from information similar to that used for proven reserves, but the sites for inspection, sampling, and measurement are farther apart or are otherwise less adequately spaced. The degree of assurance, although lower than that for proven reserves, is high enough to assume continuity between points of observation. |
Proven reserves | Reserves for which (a) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling; and (b) the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well established. |
REE | Rare earth element. |
Recovery | The percentage of contained metal actually extracted from ore in the course of processing such ore. |
REO | Rare earth oxide. |
Reserves | That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. Same definition as 'ore'. |
Rhenium | Rhenium is a silvery-white, heavy, third-row transition metal. With an estimated average concentration of 1 part per billion (ppb), rhenium is one of the rarest elements in the Earth's crust. The free element has the third-highest melting point and highest boiling point of any element. Rhenium resembles manganese chemically and is obtained as a by-product of molybdenum and copper ore's extraction and refinement. Nickel-based superalloys of rhenium are used in the combustion chambers, turbine blades, and exhaust nozzles of jet engines. These alloys contain up to 6% rhenium, making jet engine construction the largest single use for the element, with the chemical industry's catalytic uses being next-most important. |
Samarium | Samarium (Sm) is a REE predominantly used to produce samarium-cobalt magnets. Although these magnets are slightly less powerful than NdFeB magnets at room temperature, samarium cobalt magnets can be used over a wider range of temperatures and are less susceptible to corrosion. |
SEC | U.S. Securities and Exchange Commission. |
SEG | Samarium, europium, gadolinium. |
Sintered magnet | Sintered NdFeB-magnets are prepared by the raw materials being melted in a furnace, cast into a mold and cooled to form ingots. The ingots are pulverized and milled to tiny particles, which then undergo a process of liquid-phase sintering whereby the powder is magnetically aligned into dense blocks which are then heat-treated, cut to shape, surface treated and magnetized. |
Tantalum | Tantalum is a rare, hard, blue-gray, lustrous transition metal that is highly corrosion resistant. It is part of the refractory metals group, which are widely used as minor component in alloys. The chemical inertness of tantalum makes it a valuable substance for laboratory equipment and a substitute for platinum, but its main use today is in tantalum capacitors in electronic equipment such as mobile phones, DVD players, video game systems and computers. |
Terbium | Terbium (Tb) is a REE used primarily as a phosphor, either in fluorescent lamps or x-ray screens. It can replace dysprosium in NdFeB magnets but usually does not because of its cost. A minor use of terbium is in the magnetostrictive alloy, based on DyTbFe, called terfenol-D. |
Ton | 2,000 pounds. |
Yttrium | Yttrium (Y), although not a lanthanide series element, is often considered to be a REE and its behavior is similar to heavy REEs. It is predominantly utilized in lighting applications and ceramics. Other uses include resonators, lasers, microwave communication devices and other electronic devices. |
Zirconium oxide | Zirconium oxide is a white amorphous powder that is insoluble in water and highly refractory, used as a pigment for paints, a catalyst, and an abrasive. |
September 30, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 313,477 | $ | 314,317 | |||
Trade accounts receivable, net | 53,229 | 61,757 | |||||
Inventory (Note 4) | 166,936 | 171,783 | |||||
Prepaid expenses and other current assets | 27,175 | 29,210 | |||||
Total current assets | 560,817 | 577,067 | |||||
Non-current assets: | |||||||
Deposits | 29,999 | 25,997 | |||||
Property, plant and equipment, net (Note 5) | 1,736,872 | 1,762,874 | |||||
Inventory (Note 4) | 25,530 | 25,329 | |||||
Intangible assets, net | 312,878 | 330,867 | |||||
Investments | 32,210 | 48,875 | |||||
Goodwill | 228,750 | 228,750 | |||||
Other non-current assets | 34,203 | 7,043 | |||||
Total non-current assets | 2,400,442 | 2,429,735 | |||||
Total assets | $ | 2,961,259 | $ | 3,006,802 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 58,272 | $ | 84,449 | |||
Accrued expenses | 66,727 | 48,501 | |||||
Debt and capital lease obligations (Note 6) | 12,769 | 16,362 | |||||
Other current liabilities | 6,922 | 4,063 | |||||
Total current liabilities | 144,690 | 153,375 | |||||
Non-current liabilities: | |||||||
Asset retirement obligation | 16,681 | 16,966 | |||||
Deferred tax liabilities | 75,162 | 85,481 | |||||
Debt and capital lease obligations (Note 6) | 1,582,802 | 1,363,916 | |||||
Other non-current liabilities | 14,286 | 10,002 | |||||
Total non-current liabilities | 1,688,931 | 1,476,365 | |||||
Total liabilities | $ | 1,833,621 | $ | 1,629,740 | |||
Commitments and contingencies (Note 11) | |||||||
Stockholders’ equity: | |||||||
Common stock, $0.001 par value; 700,000,000 shares authorized at September 30, 2014 and 350,000,000 at December 31, 2013 (Note 8) | 245 | 241 | |||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2013 | — | 2 | |||||
Additional paid-in capital | 2,232,390 | 2,194,405 | |||||
Accumulated other comprehensive loss | (15,704 | ) | (6,451 | ) | |||
Accumulated deficit | (1,115,614 | ) | (840,474 | ) | |||
Total Molycorp stockholders’ equity | 1,101,317 | 1,347,723 | |||||
Noncontrolling interests | 26,321 | 29,339 | |||||
Total stockholders’ equity | 1,127,638 | 1,377,062 | |||||
Total liabilities and stockholders’ equity | $ | 2,961,259 | $ | 3,006,802 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 123,937 | $ | 149,066 | $ | 359,369 | $ | 430,580 | |||||||
Costs of sales: | |||||||||||||||
Costs excluding depreciation and amortization | (119,633 | ) | (150,444 | ) | (358,506 | ) | (421,699 | ) | |||||||
Depreciation and amortization | (19,382 | ) | (16,400 | ) | (55,608 | ) | (49,283 | ) | |||||||
Gross loss | (15,078 | ) | (17,778 | ) | (54,745 | ) | (40,402 | ) | |||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative | (21,907 | ) | (24,468 | ) | (60,286 | ) | (76,702 | ) | |||||||
Depreciation, amortization and accretion | (8,093 | ) | (10,072 | ) | (22,552 | ) | (26,273 | ) | |||||||
Research and development | (4,353 | ) | (5,565 | ) | (11,603 | ) | (18,476 | ) | |||||||
Impairment of long-lived assets | — | (1,118 | ) | — | (1,495 | ) | |||||||||
Operating loss | (49,431 | ) | (59,001 | ) | (149,186 | ) | (163,348 | ) | |||||||
Other (expenses) income: | |||||||||||||||
Other (expense) income | (2,611 | ) | (891 | ) | (1,839 | ) | 2,474 | ||||||||
Impairment of investment (Note 17) | (12,000 | ) | — | (12,000 | ) | — | |||||||||
Interest expense, net of capitalized interest | (35,442 | ) | (16,289 | ) | (112,367 | ) | (42,807 | ) | |||||||
Loss before income taxes and equity earnings | (99,484 | ) | (76,181 | ) | (275,392 | ) | (203,681 | ) | |||||||
Income tax (expense) benefit | (3,572 | ) | 12,902 | 5,762 | 38,922 | ||||||||||
Equity in loss of affiliates | (2,092 | ) | (2,334 | ) | (5,368 | ) | (8,690 | ) | |||||||
Loss from continuing operations | (105,148 | ) | (65,613 | ) | (274,998 | ) | (173,449 | ) | |||||||
Loss from discontinued operations, net of tax | — | (4,186 | ) | — | (5,190 | ) | |||||||||
Net loss | (105,148 | ) | (69,799 | ) | (274,998 | ) | (178,639 | ) | |||||||
Net income attributable to noncontrolling interests | (31 | ) | (130 | ) | (142 | ) | (1,433 | ) | |||||||
Net loss attributable to Molycorp stockholders | $ | (105,179 | ) | $ | (69,929 | ) | $ | (275,140 | ) | $ | (180,072 | ) | |||
Net loss | $ | (105,148 | ) | $ | (69,799 | ) | $ | (274,998 | ) | $ | (178,639 | ) | |||
Other comprehensive (loss) income: | |||||||||||||||
Foreign currency translation adjustments | (8,292 | ) | 4,217 | (9,253 | ) | 1,585 | |||||||||
Comprehensive loss | $ | (113,440 | ) | $ | (65,582 | ) | $ | (284,251 | ) | $ | (177,054 | ) | |||
Comprehensive loss attributable to: | |||||||||||||||
Molycorp stockholders | (113,409 | ) | (65,452 | ) | (284,109 | ) | (175,621 | ) | |||||||
Noncontrolling interest | (31 | ) | (130 | ) | (142 | ) | (1,433 | ) | |||||||
$ | (113,440 | ) | $ | (65,582 | ) | $ | (284,251 | ) | $ | (177,054 | ) | ||||
Loss per share of common stock (Note 9): | |||||||||||||||
Net loss attributable to Molycorp stockholders | $ | (105,179 | ) | $ | (69,929 | ) | $ | (275,140 | ) | $ | (180,072 | ) | |||
Dividends on Convertible Preferred Stock | — | (2,846 | ) | (2,846 | ) | (8,539 | ) | ||||||||
Loss attributable to common stockholders | $ | (105,179 | ) | $ | (72,775 | ) | $ | (277,986 | ) | $ | (188,611 | ) | |||
Weighted average common shares outstanding—basic | 224,270,303 | 168,114,266 | 223,300,073 | 163,222,000 | |||||||||||
Basic loss per share: | $ | (0.47 | ) | $ | (0.43 | ) | $ | (1.24 | ) | $ | (1.16 | ) | |||
Weighted average common shares outstanding—diluted | 224,270,303 | 168,114,266 | 223,300,073 | 163,222,000 | |||||||||||
Diluted loss per share: | $ | (0.47 | ) | $ | (0.43 | ) | $ | (1.24 | ) | $ | (1.16 | ) |
Common Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated deficit | Total Molycorp Stockholders' Equity | Non controlling interests | Total Stockholders' Equity | |||||||||||||||||||||
Shares | $ | Shares | $ | |||||||||||||||||||||||||
Balance at December 31, 2013 | 240,380,094 | $ | 241 | 2,070,000 | $ | 2 | $ | 2,194,405 | $ | (6,451 | ) | $ | (840,474 | ) | $ | 1,347,723 | $ | 29,339 | $ | 1,377,062 | ||||||||
Stock-based compensation | 229,664 | — | — | — | 3,171 | — | — | 3,171 | — | 3,171 | ||||||||||||||||||
Conversion of Series A Mandatory Convertible Preferred Stock (Note 8) | 4,140,000 | 4 | (2,070,000 | ) | (2 | ) | (2 | ) | — | — | — | — | — | |||||||||||||||
Conversion of Exchangeable Shares | 21,313 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Issuance of shares for conversion of Debentures | 3,225 | — | — | — | 12 | — | — | 12 | — | 12 | ||||||||||||||||||
Share-lending arrangements (Note 8) | — | — | — | — | 15,062 | — | — | 15,062 | — | 15,062 | ||||||||||||||||||
Warrants (Note 8) | — | — | — | — | 23,164 | — | — | 23,164 | — | 23,164 | ||||||||||||||||||
Net (loss) income | — | — | — | — | — | — | (275,140 | ) | (275,140 | ) | 142 | (274,998 | ) | |||||||||||||||
Preferred dividends | — | — | — | — | (2,846 | ) | — | — | (2,846 | ) | — | (2,846 | ) | |||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | — | (3,170 | ) | (3,170 | ) | ||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (9,253 | ) | — | (9,253 | ) | — | (9,253 | ) | |||||||||||||||
Other | — | — | — | — | (576 | ) | — | — | (576 | ) | 10 | (566 | ) | |||||||||||||||
Balance at September 30, 2014 | 244,774,296 | $ | 245 | — | $ | — | $ | 2,232,390 | $ | (15,704 | ) | $ | (1,115,614 | ) | $ | 1,101,317 | $ | 26,321 | $ | 1,127,638 |
Common Stock | Series A Mandatory Convertible Preferred Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated deficit | Total Molycorp Stockholders' Equity | Non controlling interests | Total Stockholders' Equity | |||||||||||||||||||||
Shares | $ | Shares | $ | |||||||||||||||||||||||||
Balance at December 31, 2012 | 138,773,538 | $ | 139 | 2,070,000 | $ | 2 | $ | 1,691,429 | $ | (9,433 | ) | $ | (466,091 | ) | $ | 1,216,046 | $ | 35,212 | $ | 1,251,258 | ||||||||
Stock-based compensation | 43,847 | — | — | — | 2,399 | — | — | 2,399 | — | 2,399 | ||||||||||||||||||
Component of 5.50% convertible debt | — | — | — | — | 21,815 | — | — | 21,815 | — | 21,815 | ||||||||||||||||||
Deferred taxes on component of convertible debt | — | — | — | — | (8,508 | ) | — | — | (8,508 | ) | — | (8,508 | ) | |||||||||||||||
Conversion of Exchangeable Shares | 12,971 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Issuance of shares for conversion of Debentures | 2,393 | — | — | — | 49 | — | — | 49 | — | 49 | ||||||||||||||||||
Issuance of Primary Shares | 43,125,000 | 43 | — | — | 248,097 | — | — | 248,140 | — | 248,140 | ||||||||||||||||||
Issuance of Borrowed Shares | 6,666,666 | 7 | — | — | — | — | — | 7 | — | 7 | ||||||||||||||||||
Net (loss) income | — | — | — | — | — | — | (180,072 | ) | (180,072 | ) | 1,433 | (178,639 | ) | |||||||||||||||
Preferred dividends | — | — | — | — | (8,539 | ) | — | — | (8,539 | ) | — | (8,539 | ) | |||||||||||||||
Distribution to noncontrolling interests | — | — | — | — | — | — | — | — | (4,472 | ) | (4,472 | ) | ||||||||||||||||
Other comprehensive loss | — | — | — | — | — | 1,585 | — | 1,585 | — | 1,585 | ||||||||||||||||||
Balance at September 30, 2013 | 188,624,415 | $ | 189 | 2,070,000 | $ | 2 | $ | 1,946,742 | $ | (7,848 | ) | $ | (646,163 | ) | $ | 1,292,922 | $ | 32,173 | $ | 1,325,095 |
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (274,998 | ) | $ | (178,639 | ) | |
Adjustments to reconcile net loss to net cash from operating activities: | |||||||
Depreciation, amortization and accretion | 78,161 | 75,870 | |||||
Deferred income tax benefit | (18,809 | ) | (36,399 | ) | |||
Inventory write-downs | 51,638 | 74,475 | |||||
Release of inventory step-up value | 742 | 5,650 | |||||
Impairment of investment | 12,000 | — | |||||
Impairment of long-lived assets | — | 4,949 | |||||
Stock-based compensation | 3,784 | 2,399 | |||||
Equity in results of affiliates | 5,368 | 8,690 | |||||
Other operating adjustments | 8,766 | (1,796 | ) | ||||
Net change in operating assets and liabilities (Note 14) | (13,058 | ) | (45,212 | ) | |||
Net cash used in operating activities | (146,406 | ) | (90,013 | ) | |||
Cash flows from investing activities: | |||||||
Investment in joint ventures | (703 | ) | (3,423 | ) | |||
Capital expenditures | (62,837 | ) | (334,597 | ) | |||
Recovery from insurance claims | 12,900 | — | |||||
Other investing activities | 460 | (364 | ) | ||||
Net cash used in investing activities | (50,180 | ) | (338,384 | ) | |||
Cash flows from financing activities: | |||||||
Repayments of debt | (5,879 | ) | (25,990 | ) | |||
Net proceeds from sale of common stock | — | 248,150 | |||||
Issuance of 5.50% Convertible Notes | — | 165,600 | |||||
Debt issuance costs | (14,768 | ) | — | ||||
Proceeds from the Financings (Note 6) | 250,000 | — | |||||
Partial repayment of convertible notes (Note 6) | (27,495 | ) | — | ||||
Payments of preferred dividends | (2,846 | ) | (8,539 | ) | |||
Dividend paid to noncontrolling interests | (3,170 | ) | (4,472 | ) | |||
Other financing activities | 1,626 | (797 | ) | ||||
Net cash (used in) provided by financing activities | 197,468 | 373,952 | |||||
Effect of exchange rate changes on cash | (1,722 | ) | 569 | ||||
Net change in cash and cash equivalents | (840 | ) | (53,876 | ) | |||
Cash and cash equivalents at beginning of the period | 314,317 | 227,790 | |||||
Cash and cash equivalents at end of period | $ | 313,477 | $ | 173,914 |
Non-cash financing activities and investing activities: | |||||||
Change in accrued capital expenditures | $ | (15,649 | ) | $ | (116,161 | ) | |
Fixed assets additions under capital lease | 1,470 | 5,992 |
(1) | Basis of Presentation |
1. | Retrospectively to each prior reporting period presented. |
2. | Retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. If an entity elects this transition method, it also should provide the additional disclosures in reporting periods that include the date of initial application of: |
i. | The amount by which each financial statement line item is affected in the current reporting period by the application of this update as compared to the guidance that was in effect before the change. |
ii. | An explanation of the reasons for significant changes. |
(2) | Liquidity and Capital Requirements |
(3) | Segment Information |
Three months ended September 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 4,509 | $ | 36,814 | $ | 61,345 | $ | 21,269 | $ | — | $ | 123,937 | |||||||||||||||
Inter-segment | 9,424 | 6,658 | 1,342 | — | (17,424 | ) | — | ||||||||||||||||||||
Total revenues | $ | 13,933 | $ | 43,472 | $ | 62,687 | $ | 21,269 | $ | (17,424 | ) | $ | 123,937 | ||||||||||||||
OIBDA | $ | (31,087 | ) | $ | 4,251 | $ | 13,715 | $ | 595 | ||||||||||||||||||
Depreciation, amortization and accretion | (17,332 | ) | (3,823 | ) | (4,232 | ) | (2,034 | ) | |||||||||||||||||||
Operating (loss) income | $ | (48,419 | ) | $ | 428 | $ | 9,483 | $ | (1,439 | ) | $ | (9,065 | ) | $ | (419 | ) | $ | (49,431 | ) | ||||||||
Other expense | (2,611 | ) | |||||||||||||||||||||||||
Impairment of investment | (12,000 | ) | |||||||||||||||||||||||||
Interest expense, net of capitalized interest | (35,442 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (99,484 | ) |
Three months ended September 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 4,655 | $ | 50,791 | $ | 72,626 | $ | 20,994 | — | $ | 149,066 | ||||||||||||||||
Inter-segment | 8,858 | 7,174 | — | — | (16,032 | ) | — | ||||||||||||||||||||
Total revenues | $ | 13,513 | $ | 57,965 | $ | 72,626 | $ | 20,994 | $ | (16,032 | ) | $ | 149,066 | ||||||||||||||
OIBDA | $ | (44,673 | ) | $ | 4,561 | $ | 18,520 | $ | (911 | ) | |||||||||||||||||
Depreciation, amortization and accretion | (10,853 | ) | (5,960 | ) | (7,458 | ) | (2,144 | ) | |||||||||||||||||||
Operating (loss) income | $ | (55,526 | ) | $ | (1,399 | ) | $ | 11,062 | $ | (3,055 | ) | $ | (10,806 | ) | $ | 723 | $ | (59,001 | ) | ||||||||
Other expense | (891 | ) | |||||||||||||||||||||||||
Interest expense, net of capitalized interest | (16,289 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (76,181 | ) |
Nine months ended September 30, 2014 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 9,951 | $ | 122,521 | $ | 169,260 | $ | 57,637 | $ | — | $ | 359,369 | |||||||||||||||
Inter-segment | 29,582 | 16,138 | 3,725 | — | (49,445 | ) | — | ||||||||||||||||||||
Total revenues | $ | 39,533 | $ | 138,659 | $ | 172,985 | $ | 57,637 | $ | (49,445 | ) | $ | 359,369 | ||||||||||||||
OIBDA | $ | (97,831 | ) | $ | 12,388 | $ | 39,203 | $ | 1,265 | ||||||||||||||||||
Depreciation, amortization and accretion | (47,432 | ) | (11,605 | ) | (12,730 | ) | (6,228 | ) | |||||||||||||||||||
Operating (loss) income | $ | (145,263 | ) | $ | 783 | $ | 26,473 | $ | (4,963 | ) | $ | (25,259 | ) | $ | (957 | ) | $ | (149,186 | ) | ||||||||
Other expense | (1,839 | ) | |||||||||||||||||||||||||
Impairment of investment | (12,000 | ) | |||||||||||||||||||||||||
Interest expense, net of capitalized interest | (112,367 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (275,392 | ) |
Nine months ended September 30, 2013 | Resources | Chemicals and Oxides | Magnetic Materials and Alloys | Rare Metals | Corporate and other (a) | Eliminations(b) | Total Molycorp, Inc. | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||
External | $ | 30,235 | $ | 135,180 | $ | 193,417 | $ | 71,748 | $ | — | $ | 430,580 | |||||||||||||||
Inter-segment | 18,168 | 28,476 | — | — | (46,644 | ) | — | ||||||||||||||||||||
Total revenues | $ | 48,403 | $ | 163,656 | $ | 193,417 | $ | 71,748 | $ | (46,644 | ) | $ | 430,580 | ||||||||||||||
OIBDA | $ | (104,519 | ) | $ | (2,792 | ) | $ | 48,823 | $ | 3,947 | |||||||||||||||||
Depreciation, amortization and accretion | (31,536 | ) | (17,087 | ) | (20,360 | ) | (6,402 | ) | |||||||||||||||||||
Operating (loss) income | $ | (136,055 | ) | $ | (19,879 | ) | $ | 28,463 | $ | (2,455 | ) | $ | (32,321 | ) | $ | (1,101 | ) | $ | (163,348 | ) | |||||||
Other income | 2,474 | ||||||||||||||||||||||||||
Interest expense, net of capitalized interest | (42,807 | ) | |||||||||||||||||||||||||
Loss before income taxes and equity earnings | $ | (203,681 | ) |
a. | Includes business development costs, personnel costs, stock-based compensation, accounting and legal fees, occupancy expense, information technology costs and interest expense. |
b. | Consist of inter-segment sales and gross profits eliminations as well as eliminations of lower of cost or market adjustments related to inter-segment inventory. |
(4) | Inventory |
September 30, 2014 | December 31, 2013 | ||||||
(In thousands) | |||||||
Current: | |||||||
Concentrate stockpiles | $ | — | $ | 24 | |||
Raw materials | 52,215 | 42,627 | |||||
Work in process | 25,254 | 41,962 | |||||
Finished goods | 62,397 | 65,662 | |||||
Materials and supplies | 27,070 | 21,508 | |||||
Total current | $ | 166,936 | $ | 171,783 | |||
Long-term: | |||||||
Concentrate stockpiles | $ | — | $ | 4 | |||
Raw materials | 25,530 | 25,325 | |||||
Total long-term | $ | 25,530 | $ | 25,329 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) | |||||||||||||||
Abnormal production costs expensed in the period (a) | $ | 28,889 | $ | 18,249 | $ | 71,436 | $ | 65,743 | |||||||
Write-down to the lower of cost or market (b) | 14,776 | 19,633 | 50,296 | 60,733 | |||||||||||
Write-downs of stockpile inventory (c) | — | 6,884 | 1,342 | 13,741 | |||||||||||
Total | $ | 43,665 | $ | 44,766 | $ | 123,074 | $ | 140,217 |
(a) | Relates to production costs that would have been inventoriable had we been operating at normal production levels. In all periods presented, the majority of these production costs related to the Resources segment. |
(b) | Due to the decline in some rare earths prices and low inventory turnover. |
(c) | Adjustments of the estimated REO content in the stockpile at the Resources segment. |
(5) | Property, Plant and Equipment, net |
September 30, 2014 | December 31, 2013 | ||||||
(In thousands) | |||||||
Land | $ | 12,045 | $ | 12,822 | |||
Land improvements | 304,659 | 327,029 | |||||
Buildings and improvements | 609,337 | 418,510 | |||||
Plant and equipment | 509,562 | 288,603 | |||||
Vehicles | 2,982 | 2,986 | |||||
Computer software | 12,573 | 12,424 | |||||
Furniture and fixtures | 1,196 | 1,044 | |||||
Construction in progress (a) | 394,572 | 755,107 | |||||
Natural gas delivery facility under capital lease | 15,658 | 15,658 | |||||
Mining equipment under capital lease | 10,982 | 7,370 | |||||
Mineral properties | 23,757 | 23,999 | |||||
Property, plant and equipment at cost | 1,897,323 | 1,865,552 | |||||
Less accumulated depreciation | (160,451 | ) | (102,678 | ) | |||
Property, plant and equipment, net | $ | 1,736,872 | $ | 1,762,874 |
(a) | Primarily related to expenditures at the Mountain Pass facility. |
(6) | Debt and Capital Lease Obligations |
September 30, 2014 | December 31, 2013 | ||||||||||||||
Current | Non-Current | Current | Non-Current | ||||||||||||
(In thousands) | |||||||||||||||
Bank loans due May 2014 - September 2017 | $ | 9,609 | $ | 1,486 | $ | 14,128 | $ | 2,699 | |||||||
3.25% Convertible Notes, net of discount, due June 2016 | — | 191,743 | — | 207,028 | |||||||||||
6.00% Convertible Notes, net of discount, due September 2017 | — | 355,614 | — | 346,708 | |||||||||||
5.00% Debentures, net of discount, due December 2017 | — | 2,129 | — | 2,493 | |||||||||||
5.50% Convertible Notes, net of discount, due February 2018 | — | 152,084 | — | 148,198 | |||||||||||
12.00% Term Loans, due September 2019 | — | 96,595 | — | — | |||||||||||
12.00% Equipment Financing, due September 2019 | — | 124,583 | — | — | |||||||||||
10% Senior Notes, net of discount, due June 2020 | — | 638,521 | — | 637,435 | |||||||||||
Total debt | 9,609 | 1,562,755 | 14,128 | 1,344,561 | |||||||||||
Capital lease obligations | 3,160 | 20,047 | 2,234 | 19,355 | |||||||||||
Total debt and capital lease obligations | $ | 12,769 | $ | 1,582,802 | $ | 16,362 | $ | 1,363,916 |
September 30, 2014 | ||
Debt maturities, excluding capital leases | (In thousands) | |
Remainder of 2014 | 2,040 | |
2015 | 7,997 | |
2016 | 207,331 | |
2017 | 412,573 | |
2018 | 172,500 | |
Thereafter | 971,154 | |
Total | 1,773,595 |
a. | A term loan facility of $185.0 million (the “Parent Term Loan”), $50.2 million of which was advanced on the closing date and $134.8 million is available to be drawn in the minimum amount of $50.0 million at any time until April 30, 2016, subject to the satisfaction of certain conditions, including (i) consolidated adjusted EBITDA of no less than $20.0 million for each of two consecutive fiscal quarters, and (ii) evidence that production at our Mountain Pass facility is equal to or greater than 4,000 mt for each of two consecutive fiscal quarters, in each case prior to, but including, the fiscal quarter ending on March 31, 2016. Proceeds from the Parent Term Loan have been and will be used for capital expenditures, interest expense and general corporate purposes, including the Oaktree Notes Repurchase and the payment of transaction expenses. |
b. | A term loan facility of $75.0 million (the “Magnequench Term Loan”), $60.0 million of which was advanced on the closing date and $15.0 million of delayed draw term loans to be advanced, subject to the satisfaction of certain conditions, in minimum amounts of $5.0 million after the closing date and until April 30, 2016. Proceeds from the Magnequench Term Loan will be used to satisfy certain intercompany obligations of Magnequench, Inc. and to make certain intercompany loans. |
c. | A Purchase and Sale Agreement pursuant to which we sold certain equipment including, but not limited to, parts of our natural gas powered co-generation power plant, the Chlor-Alkali facility and the water treatment plant (collectively, the “Equipment”), located at our Mountain Pass facility. In exchange for the sale of the Equipment, we received proceeds of $139.8 million that have been and will be used for the development and improvement of the Equipment and other assets at our Mountain Pass facility, and may be used, to the extent permitted under our 10% Senior Notes indenture and the Parent Term Loan, for interest payments and other general corporate purposes. |
12.00% Term Loans | 12.00% Equipment Financing | ||||||
September 30, 2014 | September 30, 2014 | ||||||
(In thousands) | |||||||
Principal amount (a) | $ | 110,473 | $ | 140,069 | |||
Unamortized debt discount | (13,878 | ) | (15,486 | ) | |||
Net carrying amount | $ | 96,595 | $ | 124,583 | |||
3.25% Convertible Notes | 6.00% Convertible Notes | 5.50% Convertible Notes | 10% Senior Notes | ||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Principal amount | $ | 206,505 | $ | 230,000 | $ | 410,000 | $ | 414,000 | $ | 172,500 | 172,500 | $ | 650,000 | $ | 650,000 | ||||||||||||
Unamortized debt discount | (14,762 | ) | (22,972 | ) | (54,386 | ) | (67,292 | ) | (20,416 | ) | (24,302 | ) | (11,479 | ) | (12,565 | ) | |||||||||||
Net carrying amount | $ | 191,743 | $ | 207,028 | $ | 355,614 | $ | 346,708 | $ | 152,084 | 148,198 | $ | 638,521 | $ | 637,435 | ||||||||||||
Interest cost (a) | |||||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
$ | 3,935 | $ | 3,988 | $ | 10,710 | $ | 9,969 | $ | 3,711 | $ | 3,609 | $ | 16,658 | $ | 16,622 | ||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
$ | 12,063 | $ | 11,839 | $ | 31,135 | $ | 29,691 | $ | 11,046 | $ | 9,482 | $ | 49,942 | $ | 49,837 |
• | Leasehold interests in real property; |
• | Certain capital leases that constitute permitted liens; |
• | Certain motor vehicles; |
• | Assets owned by foreign subsidiaries or, subject to certain limitations, MMA; |
• | Assets with a fair market value of less than $15.0 million as to which the board of directors determine in good faith (and certify to the collateral agent) that the costs of obtaining or perfecting such security interest are excessive in relation to the practical benefit to the holder of the Notes of the security afforded thereby (based on the value of such asset); |
• | Cash collateral for letters of credit or hedging obligations (up to 105% of the underlying obligations); |
• | Certain deposit accounts; |
• | The equity interests of immaterial subsidiaries and, subject to certain limitations, MMA; |
• | Voting stock of foreign subsidiaries in excess of 65.0% of the voting stock; and |
• | Other pledges of stock of a guarantor to the extent that Rule 3-16 of Regulation S-X under the Securities Act would require the filing of separate financial statements of such guarantor. |
September 30, 2014 | ||
Capital Leases | (In thousands) | |
Remainder of 2014 | 2,069 | |
2015 | 8,278 | |
2016 | 8,278 | |
2017 | 7,161 | |
2018 | 5,770 | |
Thereafter | 18,195 | |
Total | 49,751 |
(7) | Income Taxes |
(8) | Stockholders’ Equity |
Penny Warrants | Strike Warrants | ||||||
Term (years) | 5 | 5 | |||||
Stock price | $ | 1.55 | $ | 1.55 | |||
Strike price | $ | 0.01 | $ | 2.04 | |||
Risk-free interest rate | 1.79 | % | 1.79 | % | |||
Volatility | 82.6 | % | 49.9 | % | |||
Dividend yield | — | % | — | % |
Increase to balance sheet captions: | As of June 30, 2014 | ||
Other non-current assets | $ | 16,381 | |
Property, plant and equipment, net | 3,378 | ||
Additional paid-in capital | 15,062 |
Increase to statements of operations and comprehensive loss captions: | Three Months Ended June 30, 2014 | ||
Interest expense, net of capitalized interest | $ | 4,933 | |
Income tax benefit | 9,630 |
2012 Borrowed Shares | 2013 Borrowed Shares | Total | |||||||||
(In thousands) | |||||||||||
Fair value | $ | 3,001 | $ | 1,686 | $ | 4,687 | |||||
Unamortized issuance cost | 10,624 | 4,505 | 15,129 |
Three Months Ended September 30, 2014 | Nine Months Ended September 30, 2014 | ||||||
(In thousands) | |||||||
Interest cost expensed | $ | 1,250 | $ | 6,183 | |||
Interest cost capitalized | — | 3,378 |
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2013 | $ | (6,638 | ) | $ | 187 | $ | (6,451 | ) | |||
Change in other comprehensive loss before reclassifications | (9,253 | ) | — | (9,253 | ) | ||||||
Net income (loss) reclassified from AOCI | — | — | — | ||||||||
Balance at September 30, 2014 | $ | (15,891 | ) | $ | 187 | $ | (15,704 | ) |
Foreign currency translation adjustments | Postretirement benefit liability | Accumulated other comprehensive loss | |||||||||
(In thousands) | |||||||||||
Balance at December 31, 2012 | $ | (8,261 | ) | $ | (1,172 | ) | $ | (9,433 | ) | ||
Change in other comprehensive loss before reclassifications | 1,585 | — | 1,585 | ||||||||
Net income (loss) reclassified from AOCI | — | — | — | ||||||||
Balance at September 30, 2013 | $ | (6,676 | ) | $ | (1,172 | ) | $ | (7,848 | ) |
(9) | Loss per Share |
(10) | Stock-Based Compensation |
PBRSUs | Number of Shares | Weighted Average Grant-Date Price | ||||
Unvested at December 31, 2013 | 697,797 | $ | 7.45 | |||
Granted | 755,283 | $ | 5.10 | |||
Forfeited | (9,052 | ) | 5.45 | |||
Vested | — | — | ||||
Unvested at September 30, 2014 | 1,444,028 | $ | 6.19 |
RSUs | Number of Shares | Weighted Average Grant-Date Price | ||||
Unvested at December 31, 2013 | 1,076,385 | $ | 9.81 | |||
Granted | 750,289 | $ | 4.22 | |||
Forfeited | (64,123 | ) | $ | 8.84 | ||
Vested | (60,196 | ) | $ | 26.85 | ||
Unvested at September 30, 2014 | 1,702,355 | $ | 6.78 |
(11) | Commitments and Contingencies |
(a) | Future Operating Lease Commitments |
Total | Less Than 1 Year | 1 - 3 Years | 4 - 5 Years | More Than 5 Years | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating lease obligations | $ | 5,846 | $ | 2,113 | $ | 2,396 | $ | 498 | $ | 839 |
(b) | Purchase Commitments |
Total | Less Than 1 Year | 1 - 3 Years | 4 - 5 Years | More Than 5 Years | |||||||||||||||
(In thousands) | |||||||||||||||||||
Purchase obligations and other commitments | $ | 75,804 | $ | 75,804 | $ | — | $ | — | $ | — |
(c) | Purported Class Action and Derivative Lawsuits |
(12) | Concentrations |
(13) | Related-Party Transactions |
(14) | Net Change in Operating Assets and Liabilities |
Nine Months Ended September 30, | |||||||
2014 | 2013 | ||||||
(In thousands) | |||||||
Decrease (increase) in operating assets: | |||||||
Trade accounts receivable | $ | 8,301 | $ | (5,557 | ) | ||
Inventory | (50,057 | ) | 26,816 | ||||
Prepaid expenses and other current assets | (3,368 | ) | (1,085 | ) | |||
Increase (decrease) in operating liabilities: | |||||||
Trade accounts payable | (10,641 | ) | (16,642 | ) | |||
Income tax payable | 2,346 | (8,768 | ) | ||||
Interest payable | 30,467 | (26,765 | ) | ||||
Asset retirement obligation | (1,415 | ) | (2,385 | ) | |||
Accrued expenses | 11,309 | (10,826 | ) | ||||
$ | (13,058 | ) | $ | (45,212 | ) |
(15) | Fair Value of Financial Instruments |
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
• | Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. |
• | Level 3 - Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable. |
September 30, 2014 | ||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||
(In thousands) | ||||||||||
Assets: | ||||||||||
Cash equivalents | $ | 212,728 | — | — | ||||||
Liabilities: | ||||||||||
Derivative liabilities: | ||||||||||
Springing Maturity on Term Loans | — | — | $ | 1,694 | ||||||
Strike Warrants | — | — | $ | 2,510 | ||||||
Share Purchase Agreement | — | — | $ | 6,057 |
December 31, 2013 | ||||||||||
Quoted Prices in Active Markets for Identical Assets/Liabilities | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||
(Level 1) | (Level 2) | (Level 3) | ||||||||
(In thousands) | ||||||||||
Assets: | ||||||||||
Cash equivalents | $ | 179,052 | — | — | ||||||
Liabilities: | ||||||||||
Derivative liability - Share Purchase Agreement | — | — | $ | 6,089 |
September 30, 2014 | December 31, 2013 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
(In thousands) | |||||||||||||||
Long-term debt | |||||||||||||||
3.25% Convertible Notes due June 2016 | $ | 191,743 | $ | 128,033 | $ | 207,028 | $ | 161,771 | |||||||
6.00% Convertible Notes due September 2017 | 355,614 | 139,400 | 346,708 | 312,570 | |||||||||||
5.50% Convertible Notes due February 2018 | 152,084 | 61,422 | 148,198 | 164,015 | |||||||||||
10% Senior Notes due June 2020 | 638,521 | 448,500 | 637,435 | 646,750 | |||||||||||
Total long-term debt | $ | 1,337,962 | $ | 777,355 | $ | 1,339,369 | $ | 1,285,106 |
(16) | Subsidiary Guarantor Financial Information |
(1) | any sale, exchange, transfer or other disposition of a majority of the capital stock of (including by way of consolidation or merger) such guarantor by Molycorp or any restricted subsidiary to any person or persons, as a result of which such guarantor is no longer a direct or indirect subsidiary of Molycorp; |
(2) | any sale, exchange, transfer or other disposition of all or substantially all assets of such guarantor that results in such guarantor having no assets; |
(3) | the designation by Molycorp of such guarantor as an unrestricted subsidiary; or |
(4) | defeasance or discharge of the Senior Notes; |
September 30, 2014 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Balance Sheets | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 209,255 | $ | 8,399 | $ | 95,823 | $ | — | $ | 313,477 | |||||||||
Trade accounts receivable, net | — | 4,360 | 48,869 | — | 53,229 | ||||||||||||||
Inventory | — | 34,217 | 132,719 | — | 166,936 | ||||||||||||||
Prepaid expenses and other current assets | — | 15,028 | 12,147 | — | 27,175 | ||||||||||||||
Total current assets | 209,255 | 62,004 | 289,558 | — | 560,817 | ||||||||||||||
Non-current assets: | |||||||||||||||||||
Deposits | 1,756 | 28,243 | — | — | 29,999 | ||||||||||||||
Property, plant and equipment, net | — | 1,607,027 | 129,845 | — | 1,736,872 | ||||||||||||||
Inventory | — | 25,530 | — | — | 25,530 | ||||||||||||||
Intangible assets, net | — | 393 | 312,485 | — | 312,878 | ||||||||||||||
Investments | — | 17,016 | 15,194 | — | 32,210 | ||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | ||||||||||||||
Investments in consolidated subsidiaries | 340,620 | 117,098 | — | (457,718 | ) | — | |||||||||||||
Intercompany accounts receivable | 1,943,181 | — | 117,941 | (2,061,122 | ) | — | |||||||||||||
Other non-current assets | 17,701 | 7,929 | 8,573 | — | 34,203 | ||||||||||||||
Total non-current assets | 2,303,258 | 1,803,236 | 812,788 | (2,518,840 | ) | 2,400,442 | |||||||||||||
Total assets | $ | 2,512,513 | $ | 1,865,240 | $ | 1,102,346 | $ | (2,518,840 | ) | $ | 2,961,259 | ||||||||
Current liabilities: | |||||||||||||||||||
Trade accounts payable | $ | — | $ | 30,434 | $ | 27,838 | $ | — | $ | 58,272 | |||||||||
Accrued expenses | 25,048 | 18,159 | 23,520 | — | 66,727 | ||||||||||||||
Debt and capital lease obligations | — | 3,160 | 9,609 | — | 12,769 | ||||||||||||||
Other current liabilities | — | 352 | 6,570 | — | 6,922 | ||||||||||||||
Total current liabilities | 25,048 | 52,105 | 67,537 | — | 144,690 | ||||||||||||||
Non-current liabilities: | |||||||||||||||||||
Asset retirement obligation | — | 16,681 | — | — | 16,681 | ||||||||||||||
Deferred tax liabilities | — | — | 75,162 | — | 75,162 | ||||||||||||||
Debt and capital lease obligations | 1,381,945 | 144,638 | 56,219 | — | 1,582,802 | ||||||||||||||
Intercompany accounts payable | — | 2,061,122 | — | (2,061,122 | ) | — | |||||||||||||
Other non-current liabilities | 4,203 | 1,414 | 8,669 | — | 14,286 | ||||||||||||||
Total non-current liabilities | 1,386,148 | 2,223,855 | 140,050 | (2,061,122 | ) | 1,688,931 | |||||||||||||
Total liabilities | $ | 1,411,196 | $ | 2,275,960 | $ | 207,587 | $ | (2,061,122 | ) | $ | 1,833,621 | ||||||||
Stockholders’ equity: | |||||||||||||||||||
Common stock | 245 | — | — | — | 245 | ||||||||||||||
Additional paid-in capital | 2,232,390 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,232,390 | |||||||||||||
Accumulated other comprehensive loss | (15,704 | ) | — | (15,704 | ) | 15,704 | (15,704 | ) | |||||||||||
Accumulated deficit | (1,115,614 | ) | (560,577 | ) | (431,284 | ) | 991,861 | (1,115,614 | ) | ||||||||||
Total Molycorp stockholders’ equity | 1,101,317 | (410,720 | ) | 868,438 | (457,718 | ) | 1,101,317 | ||||||||||||
Noncontrolling interests | — | — | 26,321 | — | 26,321 | ||||||||||||||
Total stockholders’ equity | 1,101,317 | (410,720 | ) | 894,759 | (457,718 | ) | 1,127,638 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,512,513 | $ | 1,865,240 | $ | 1,102,346 | $ | (2,518,840 | ) | $ | 2,961,259 |
December 31, 2013 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Balance Sheets | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Current assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 169,145 | $ | 6,467 | $ | 138,705 | $ | — | $ | 314,317 | |||||||||
Trade accounts receivable, net | — | 4,990 | 56,767 | — | 61,757 | ||||||||||||||
Inventory | — | 32,307 | 139,476 | — | 171,783 | ||||||||||||||
Prepaid expenses and other current assets | — | 15,833 | 13,377 | — | 29,210 | ||||||||||||||
Total current assets | 169,145 | 59,597 | 348,325 | — | 577,067 | ||||||||||||||
Non-current assets: | |||||||||||||||||||
Deposits | 1,754 | 24,243 | — | — | 25,997 | ||||||||||||||
Property, plant and equipment, net | — | 1,620,851 | 142,023 | — | 1,762,874 | ||||||||||||||
Inventory | — | 25,329 | — | — | 25,329 | ||||||||||||||
Intangible assets, net | — | 442 | 330,425 | — | 330,867 | ||||||||||||||
Investments | — | 34,134 | 14,741 | — | 48,875 | ||||||||||||||
Goodwill | — | — | 228,750 | — | 228,750 | ||||||||||||||
Investments in consolidated subsidiaries | 532,767 | 121,849 | — | (654,616 | ) | — | |||||||||||||
Intercompany accounts receivable | 2,001,583 | — | — | (2,001,583 | ) | — | |||||||||||||
Other non-current assets | — | 771 | 6,272 | — | 7,043 | ||||||||||||||
Total non-current assets | 2,536,104 | 1,827,619 | 722,211 | (2,656,199 | ) | 2,429,735 | |||||||||||||
Total assets | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 | ||||||||
Current liabilities: | |||||||||||||||||||
Trade accounts payable | $ | — | $ | 49,702 | $ | 34,747 | $ | — | $ | 84,449 | |||||||||
Accrued expenses | 18,158 | 13,782 | 16,561 | — | 48,501 | ||||||||||||||
Debt and capital lease obligations | — | 2,234 | 14,128 | — | 16,362 | ||||||||||||||
Other current liabilities | — | 617 | 3,446 | — | 4,063 | ||||||||||||||
Total current liabilities | 18,158 | 66,335 | 68,882 | — | 153,375 | ||||||||||||||
Non-current liabilities: | |||||||||||||||||||
Asset retirement obligation | — | 16,966 | — | — | 16,966 | ||||||||||||||
Deferred tax liabilities | — | — | 85,481 | — | 85,481 | ||||||||||||||
Debt and capital lease obligations | 1,339,368 | 19,355 | 5,193 | — | 1,363,916 | ||||||||||||||
Intercompany accounts payable | — | 1,999,562 | 2,021 | (2,001,583 | ) | — | |||||||||||||
Other non-current liabilities | — | 1,393 | 8,609 | — | 10,002 | ||||||||||||||
Total non-current liabilities | 1,339,368 | 2,037,276 | 101,304 | (2,001,583 | ) | 1,476,365 | |||||||||||||
Total liabilities | $ | 1,357,526 | $ | 2,103,611 | $ | 170,186 | $ | (2,001,583 | ) | $ | 1,629,740 | ||||||||
Stockholders’ equity: | |||||||||||||||||||
Common stock | 241 | — | — | — | 241 | ||||||||||||||
Preferred stock | 2 | — | — | — | 2 | ||||||||||||||
Additional paid-in capital | 2,194,405 | 149,857 | 1,315,426 | (1,465,283 | ) | 2,194,405 | |||||||||||||
Accumulated other comprehensive loss | (6,451 | ) | — | (6,451 | ) | 6,451 | (6,451 | ) | |||||||||||
Accumulated deficit | (840,474 | ) | (366,252 | ) | (437,964 | ) | 804,216 | (840,474 | ) | ||||||||||
Total Molycorp stockholders’ equity | 1,347,723 | (216,395 | ) | 871,011 | (654,616 | ) | 1,347,723 | ||||||||||||
Noncontrolling interests | — | — | 29,339 | — | 29,339 | ||||||||||||||
Total stockholders’ equity | 1,347,723 | (216,395 | ) | 900,350 | (654,616 | ) | 1,377,062 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 2,705,249 | $ | 1,887,216 | $ | 1,070,536 | $ | (2,656,199 | ) | $ | 3,006,802 |
Three Months Ended September 30, 2014 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Revenues | $ | — | $ | 19,163 | $ | 115,150 | $ | (10,376 | ) | $ | 123,937 | ||||||||
Costs of sales: | |||||||||||||||||||
Costs excluding depreciation and amortization | — | (45,596 | ) | (84,413 | ) | 10,376 | (119,633 | ) | |||||||||||
Depreciation and amortization | — | (16,460 | ) | (2,922 | ) | — | (19,382 | ) | |||||||||||
Gross (loss) profit | — | (42,893 | ) | 27,815 | — | (15,078 | ) | ||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | (4 | ) | (11,233 | ) | (10,670 | ) | — | (21,907 | ) | ||||||||||
Depreciation, amortization and accretion | — | (952 | ) | (7,141 | ) | — | (8,093 | ) | |||||||||||
Research and development | — | (111 | ) | (4,242 | ) | — | (4,353 | ) | |||||||||||
Impairment of long-lived assets | — | — | — | — | — | ||||||||||||||
Operating (loss) income | (4 | ) | (55,189 | ) | 5,762 | — | (49,431 | ) | |||||||||||
Other (expense) income: | |||||||||||||||||||
Other (expense) income | (21,778 | ) | 90 | 19,077 | — | (2,611 | ) | ||||||||||||
Impairment of investment | — | (12,000 | ) | — | — | (12,000 | ) | ||||||||||||
Interest expense, net of capitalized interest | (33,201 | ) | (1,894 | ) | (347 | ) | — | (35,442 | ) | ||||||||||
Interest income (expense) from intercompany notes | 10,047 | (537 | ) | (9,510 | ) | — | — | ||||||||||||
Equity loss from consolidated subsidiaries | (60,243 | ) | (3,065 | ) | — | 63,308 | — | ||||||||||||
(Loss) income before income taxes and equity earnings | (105,179 | ) | (72,595 | ) | 14,982 | 63,308 | (99,484 | ) | |||||||||||
Income tax expense | — | — | (3,572 | ) | — | (3,572 | ) | ||||||||||||
Equity in loss of affiliates | — | (1,820 | ) | (272 | ) | — | (2,092 | ) | |||||||||||
Net (loss) income | (105,179 | ) | (74,415 | ) | 11,138 | 63,308 | (105,148 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (31 | ) | — | (31 | ) | ||||||||||||
Net (loss) income attributable to Molycorp stockholders | $ | (105,179 | ) | $ | (74,415 | ) | $ | 11,107 | $ | 63,308 | $ | (105,179 | ) | ||||||
Net (loss) income | $ | (105,179 | ) | $ | (74,415 | ) | $ | 11,138 | $ | 63,308 | $ | (105,148 | ) | ||||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | (8,292 | ) | — | (8,292 | ) | ||||||||||||
Comprehensive (loss) income | $ | (105,179 | ) | $ | (74,415 | ) | $ | 2,846 | $ | 63,308 | $ | (113,440 | ) | ||||||
Comprehensive (loss) income attributable to: | |||||||||||||||||||
Molycorp stockholders | (105,179 | ) | (74,415 | ) | 2,877 | 63,308 | (113,409 | ) | |||||||||||
Noncontrolling interest | — | — | (31 | ) | — | (31 | ) | ||||||||||||
$ | (105,179 | ) | $ | (74,415 | ) | $ | 2,846 | $ | 63,308 | $ | (113,440 | ) |
Nine Months Ended September 30, 2014 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Revenues | $ | — | $ | 48,402 | $ | 342,201 | $ | (31,234 | ) | $ | 359,369 | ||||||||
Costs of sales: | |||||||||||||||||||
Costs excluding depreciation and amortization | — | (137,465 | ) | (252,275 | ) | 31,234 | (358,506 | ) | |||||||||||
Depreciation and amortization | — | (44,618 | ) | (10,990 | ) | — | (55,608 | ) | |||||||||||
Gross (loss) profit | — | (133,681 | ) | 78,936 | — | (54,745 | ) | ||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | (397 | ) | (29,828 | ) | (30,061 | ) | — | (60,286 | ) | ||||||||||
Depreciation, amortization and accretion | — | (3,054 | ) | (19,498 | ) | — | (22,552 | ) | |||||||||||
Research and development | — | (354 | ) | (11,249 | ) | — | (11,603 | ) | |||||||||||
Impairment of long-lived assets | — | — | — | — | — | ||||||||||||||
Operating (loss) income | (397 | ) | (166,917 | ) | 18,128 | — | (149,186 | ) | |||||||||||
Other (expense) income: | |||||||||||||||||||
Other (expense) income | (24,900 | ) | 302 | 22,759 | — | (1,839 | ) | ||||||||||||
Impairment of investment | — | (12,000 | ) | — | — | (12,000 | ) | ||||||||||||
Interest expense, net of capitalized interest | (107,415 | ) | (4,289 | ) | (663 | ) | — | (112,367 | ) | ||||||||||
Interest income (expense) from intercompany notes | 30,836 | (1,551 | ) | (29,285 | ) | — | — | ||||||||||||
Equity loss from consolidated subsidiaries | (182,894 | ) | (4,751 | ) | — | 187,645 | — | ||||||||||||
(Loss) income before income taxes and equity earnings | (284,770 | ) | (189,206 | ) | 10,939 | 187,645 | (275,392 | ) | |||||||||||
Income tax benefit (expense) | 9,630 | — | (3,868 | ) | — | 5,762 | |||||||||||||
Equity in loss of affiliates | — | (5,119 | ) | (249 | ) | — | (5,368 | ) | |||||||||||
Net (loss) income | (275,140 | ) | (194,325 | ) | 6,822 | 187,645 | (274,998 | ) | |||||||||||
Net income attributable to noncontrolling interest | — | — | (142 | ) | — | (142 | ) | ||||||||||||
Net (loss) income attributable to Molycorp stockholders | $ | (275,140 | ) | $ | (194,325 | ) | $ | 6,680 | $ | 187,645 | $ | (275,140 | ) | ||||||
Net (loss) income | $ | (275,140 | ) | $ | (194,325 | ) | $ | 6,822 | $ | 187,645 | $ | (274,998 | ) | ||||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | (9,253 | ) | — | (9,253 | ) | ||||||||||||
Comprehensive loss | $ | (275,140 | ) | $ | (194,325 | ) | $ | (2,431 | ) | $ | 187,645 | $ | (284,251 | ) | |||||
Comprehensive loss attributable to: | |||||||||||||||||||
Molycorp stockholders | (275,140 | ) | (194,325 | ) | (2,289 | ) | 187,645 | (284,109 | ) | ||||||||||
Noncontrolling interest | — | — | (142 | ) | — | (142 | ) | ||||||||||||
$ | (275,140 | ) | $ | (194,325 | ) | $ | (2,431 | ) | $ | 187,645 | $ | (284,251 | ) |
Three Months Ended September 30, 2013 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Revenues | $ | — | $ | 19,237 | $ | 142,421 | $ | (12,592 | ) | $ | 149,066 | ||||||||
Costs of sales: | |||||||||||||||||||
Costs excluding depreciation and amortization | — | (55,517 | ) | (107,519 | ) | 12,592 | (150,444 | ) | |||||||||||
Depreciation and amortization | — | (9,336 | ) | (7,064 | ) | — | (16,400 | ) | |||||||||||
Gross (loss) profit | — | (45,616 | ) | 27,838 | — | (17,778 | ) | ||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | (3 | ) | (15,623 | ) | (8,842 | ) | — | (24,468 | ) | ||||||||||
Depreciation, amortization and accretion | — | (1,597 | ) | (8,475 | ) | — | (10,072 | ) | |||||||||||
Research and development | — | (1,037 | ) | (4,528 | ) | — | (5,565 | ) | |||||||||||
Impairment of long-lived assets | — | — | (1,118 | ) | — | (1,118 | ) | ||||||||||||
Operating (loss) income | (3 | ) | (63,873 | ) | 4,875 | — | (59,001 | ) | |||||||||||
Other (expense) income: | |||||||||||||||||||
Other income (expense) | 1,731 | 63 | (2,685 | ) | — | (891 | ) | ||||||||||||
Interest expense, net of capitalized interest | (14,093 | ) | (744 | ) | (1,452 | ) | — | (16,289 | ) | ||||||||||
Interest income (expense) from intercompany notes | 9,211 | 1,412 | (10,623 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (54,858 | ) | (333 | ) | — | 55,191 | — | ||||||||||||
Loss before income taxes and equity earnings | (58,012 | ) | (63,475 | ) | (9,885 | ) | 55,191 | (76,181 | ) | ||||||||||
Income tax (expense) benefit | (11,914 | ) | 14,879 | 9,937 | — | 12,902 | |||||||||||||
Equity in loss of affiliates | — | (1,617 | ) | (717 | ) | — | (2,334 | ) | |||||||||||
Loss from continuing operations | (69,926 | ) | (50,213 | ) | (665 | ) | 55,191 | (65,613 | ) | ||||||||||
Loss from discontinuing operations, net of tax | — | — | (4,186 | ) | — | (4,186 | ) | ||||||||||||
Net loss | (69,926 | ) | (50,213 | ) | (4,851 | ) | 55,191 | (69,799 | ) | ||||||||||
Net income attributable to noncontrolling interest | — | — | (130 | ) | — | (130 | ) | ||||||||||||
Net loss attributable to Molycorp stockholders | $ | (69,926 | ) | $ | (50,213 | ) | $ | (4,981 | ) | $ | 55,191 | $ | (69,929 | ) | |||||
Net loss | $ | (69,926 | ) | $ | (50,213 | ) | $ | (4,851 | ) | $ | 55,191 | $ | (69,799 | ) | |||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | 4,217 | — | 4,217 | ||||||||||||||
Comprehensive loss | $ | (69,926 | ) | $ | (50,213 | ) | $ | (634 | ) | $ | 55,191 | $ | (65,582 | ) | |||||
Comprehensive loss attributable to: | |||||||||||||||||||
Molycorp stockholders | (69,926 | ) | (50,213 | ) | (504 | ) | 55,191 | (65,452 | ) | ||||||||||
Noncontrolling interest | — | — | (130 | ) | — | (130 | ) | ||||||||||||
$ | (69,926 | ) | $ | (50,213 | ) | $ | (634 | ) | $ | 55,191 | $ | (65,582 | ) |
Nine Months Ended September 30, 2013 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Loss | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Revenues | $ | — | $ | 68,014 | $ | 397,548 | $ | (34,982 | ) | $ | 430,580 | ||||||||
Costs of sales: | |||||||||||||||||||
Costs excluding depreciation and amortization | — | (147,209 | ) | (309,472 | ) | 34,982 | (421,699 | ) | |||||||||||
Depreciation and amortization | — | (28,523 | ) | (20,760 | ) | — | (49,283 | ) | |||||||||||
Gross (loss) profit | — | (107,718 | ) | 67,316 | — | (40,402 | ) | ||||||||||||
Operating expenses: | |||||||||||||||||||
Selling, general and administrative | (3 | ) | (49,126 | ) | (27,573 | ) | — | (76,702 | ) | ||||||||||
Depreciation, amortization and accretion | — | (3,258 | ) | (23,015 | ) | — | (26,273 | ) | |||||||||||
Research and development | — | (4,428 | ) | (14,048 | ) | — | (18,476 | ) | |||||||||||
Impairment of long-lived assets | — | — | (1,495 | ) | — | (1,495 | ) | ||||||||||||
Operating (loss) income | (3 | ) | (164,530 | ) | 1,185 | — | (163,348 | ) | |||||||||||
Other (expense) income: | |||||||||||||||||||
Other income | 1,731 | 306 | 437 | — | 2,474 | ||||||||||||||
Interest (expense) income, net | (39,978 | ) | (5,039 | ) | 2,210 | — | (42,807 | ) | |||||||||||
Interest income (expense) from intercompany notes | 27,455 | 4,293 | (31,748 | ) | — | — | |||||||||||||
Equity loss from consolidated subsidiaries | (163,247 | ) | (6,742 | ) | — | 169,989 | — | ||||||||||||
Loss before income taxes and equity earnings | (174,042 | ) | (171,712 | ) | (27,916 | ) | 169,989 | (203,681 | ) | ||||||||||
Income tax (expense) benefit | (6,030 | ) | 23,130 | 21,822 | — | 38,922 | |||||||||||||
Equity in loss of affiliates | — | (5,239 | ) | (3,451 | ) | — | (8,690 | ) | |||||||||||
Loss from continuing operations | (180,072 | ) | (153,821 | ) | (9,545 | ) | 169,989 | (173,449 | ) | ||||||||||
Loss from discontinuing operations, net of tax | — | — | (5,190 | ) | — | (5,190 | ) | ||||||||||||
Net loss | (180,072 | ) | (153,821 | ) | (14,735 | ) | 169,989 | (178,639 | ) | ||||||||||
Net income attributable to noncontrolling interest | — | — | (1,433 | ) | — | (1,433 | ) | ||||||||||||
Net loss attributable to Molycorp stockholders | $ | (180,072 | ) | $ | (153,821 | ) | $ | (16,168 | ) | $ | 169,989 | $ | (180,072 | ) | |||||
Net loss | $ | (180,072 | ) | $ | (153,821 | ) | $ | (14,735 | ) | $ | 169,989 | $ | (178,639 | ) | |||||
Other comprehensive loss: | |||||||||||||||||||
Foreign currency translation adjustments | — | — | 1,585 | — | 1,585 | ||||||||||||||
Comprehensive loss | $ | (180,072 | ) | $ | (153,821 | ) | $ | (13,150 | ) | $ | 169,989 | $ | (177,054 | ) | |||||
Comprehensive loss attributable to: | |||||||||||||||||||
Molycorp stockholders | (180,072 | ) | (153,821 | ) | (11,717 | ) | 169,989 | (175,621 | ) | ||||||||||
Noncontrolling interest | — | — | (1,433 | ) | — | (1,433 | ) | ||||||||||||
$ | (180,072 | ) | $ | (153,821 | ) | $ | (13,150 | ) | $ | 169,989 | $ | (177,054 | ) |
Nine Months Ended September 30, 2014 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Net cash used in operating activities | $ | (25,585 | ) | $ | (138,045 | ) | $ | 17,224 | $ | — | $ | (146,406 | ) | ||||||
Cash flows from investing activities: | |||||||||||||||||||
Intercompany advances made | (174,993 | ) | (133,291 | ) | (58,309 | ) | 366,593 | — | |||||||||||
Repayments from non-guarantor | 34,997 | — | — | (34,997 | ) | — | |||||||||||||
Loans to guarantors | — | — | (6,655 | ) | 6,655 | — | |||||||||||||
Investment in joint ventures | — | — | (703 | ) | — | (703 | ) | ||||||||||||
Capital expenditures | — | (56,837 | ) | (6,000 | ) | — | (62,837 | ) | |||||||||||
Recovery from insurance claims | — | 12,900 | — | — | 12,900 | ||||||||||||||
Other investing activities | — | — | 460 | — | 460 | ||||||||||||||
Net cash used in investing activities | (139,996 | ) | (177,228 | ) | (71,207 | ) | 338,251 | (50,180 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayments of debt | — | — | (5,879 | ) | — | (5,879 | ) | ||||||||||||
Debt issuance costs | (4,032 | ) | (7,605 | ) | (3,131 | ) | — | (14,768 | ) | ||||||||||
Proceeds from the Financings | 50,167 | 139,833 | 60,000 | — | 250,000 | ||||||||||||||
Partial repayment of convertible notes | (27,495 | ) | — | — | — | (27,495 | ) | ||||||||||||
Payments of preferred dividends | (2,846 | ) | — | — | — | (2,846 | ) | ||||||||||||
Dividend paid to noncontrolling interests | — | — | (3,170 | ) | — | (3,170 | ) | ||||||||||||
Repayments to parent | — | — | (34,997 | ) | 34,997 | — | |||||||||||||
Borrowing from non-guarantors | — | 6,655 | — | (6,655 | ) | — | |||||||||||||
Intercompany advances owed | 190,160 | 176,433 | — | (366,593 | ) | — | |||||||||||||
Other financing activities | (263 | ) | 1,889 | — | — | 1,626 | |||||||||||||
Net cash (used in) provided by financing activities | 205,691 | 317,205 | 12,823 | (338,251 | ) | 197,468 | |||||||||||||
Effect of exchange rate changes on cash | — | — | (1,722 | ) | — | (1,722 | ) | ||||||||||||
Net change in cash and cash equivalents | 40,110 | 1,932 | (42,882 | ) | — | (840 | ) | ||||||||||||
Cash and cash equivalents at beginning of the period | 169,145 | 6,467 | 138,705 | — | 314,317 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 209,255 | $ | 8,399 | $ | 95,823 | $ | — | $ | 313,477 |
Nine Months Ended September 30, 2013 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | Parent | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Molycorp, Inc. consolidated | ||||||||||||||
Net cash provided by (used in) operating activities | $ | (2,990 | ) | $ | (79,888 | ) | $ | (7,135 | ) | $ | — | $ | (90,013 | ) | |||||
Cash flows from investing activities: | |||||||||||||||||||
Loans to guarantor | — | — | (40,000 | ) | 40,000 | — | |||||||||||||
Loans to parent | — | — | (12,800 | ) | 12,800 | — | |||||||||||||
Intercompany advances made | (438,374 | ) | — | — | 438,374 | — | |||||||||||||
Loans to non-guarantor | — | (1,300 | ) | — | 1,300 | — | |||||||||||||
Repayments from non-guarantor | 38,000 | 264 | — | (38,264 | ) | — | |||||||||||||
Investment in joint ventures | — | (3,423 | ) | — | — | (3,423 | ) | ||||||||||||
Capital expenditures | — | (320,829 | ) | (13,768 | ) | — | (334,597 | ) | |||||||||||
Other investing activities | — | — | (364 | ) | — | (364 | ) | ||||||||||||
Net cash used in investing activities | (400,374 | ) | (325,288 | ) | (66,932 | ) | 454,210 | (338,384 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Repayments of debt | — | — | (25,990 | ) | — | (25,990 | ) | ||||||||||||
Net proceeds from sale of common stock | 248,150 | — | — | — | 248,150 | ||||||||||||||
Issuance of 5.50% Convertible Notes | 165,600 | — | — | — | 165,600 | ||||||||||||||
Payments of preferred dividends | (8,539 | ) | — | — | — | (8,539 | ) | ||||||||||||
Dividend paid to noncontrolling interests | — | — | (4,472 | ) | — | (4,472 | ) | ||||||||||||
Borrowings from non-guarantor | 12,800 | 40,000 | — | (52,800 | ) | — | |||||||||||||
Borrowing from guarantor | — | — | 1,300 | (1,300 | ) | — | |||||||||||||
Repayments to parent | — | — | (38,000 | ) | 38,000 | — | |||||||||||||
Repayment to guarantor | — | — | (264 | ) | 264 | — | |||||||||||||
Intercompany advances owed | — | 356,867 | 81,507 | (438,374 | ) | — | |||||||||||||
Other financing activities | — | (797 | ) | — | — | (797 | ) | ||||||||||||
Net cash provided by (used in) financing activities | 418,011 | 396,070 | 14,081 | (454,210 | ) | 373,952 | |||||||||||||
Effect of exchange rate changes on cash | — | — | 569 | — | 569 | ||||||||||||||
Net change in cash and cash equivalents | 14,647 | (9,106 | ) | (59,417 | ) | — | (53,876 | ) | |||||||||||
Cash and cash equivalents at beginning of the period | 16,560 | 18,020 | 193,210 | — | 227,790 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 31,207 | $ | 8,914 | $ | 133,793 | $ | — | $ | 173,914 |
(17) | Impairment of Investment |
• | the need to secure additional capital to implement our business plans, and our ability to successfully secure any such capital, including our ability to access the remaining committed funds under the Financings; |
• | our ability to ramp up production at our Mountain Pass facility and to optimize our Mountain Pass facility to produce rare earths and other planned downstream products at planned production rates and cash production costs, including the impact of any unanticipated process interruptions; |
• | the success of our cost mitigation efforts in connection with our modernization and expansion efforts at the Mountain Pass facility, which if unsuccessful, might cause our costs to exceed budget; |
• | the final costs of our planned capital projects which may differ from estimated costs, including unanticipated costs related to optimization of our Mountain Pass facility; |
• | market conditions, including prices and demand for our products; |
• | our ability to control our working capital needs; |
• | our ability to service our debt; |
• | risks and uncertainties associated with intangible assets, including any future goodwill impairment charges; |
• | our ability to protect our intellectual property, and our ability to defend against any claims of infringement of intellectual property rights of third parties; |
• | risks associated with doing business globally, including foreign exchange rate fluctuations and our ability to repatriate cash generated from our global operations; |
• | our ability to develop internal and external sources of demand for our products; |
• | the development and commercialization of new products; |
• | unexpected actions of domestic and foreign governments, including changes to China's export quota system, production quotas system and other regulatory mechanisms for the rare earths industry; |
• | various events which could disrupt operations, including natural events and other risks; |
• | uncertainties associated with our 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; |
• | risks and liabilities related to the dangers involved in the mining and processing of minerals and the manufacture of mineral products; |
• | uncertainties regarding global supply and demand for rare earths materials; |
• | uncertainties regarding the results of our exploratory drilling programs; |
• | our ability to enter into additional definitive agreements with our customers and our ability to maintain customer relationships; |
• | uncertainties related to Molycorp Canada's competitive position in the manufacture of NdFeB powders resulting from the expiration of certain key patents; |
• | our sintered NdFeB rare earths magnet joint venture's ability to successfully manufacture magnets within its expected timeframe; |
• | our ability to remediate the material weaknesses in our internal control over financial reporting, and our ability to maintain sufficient internal controls in the future, which could affect our ability to ensure timely and reliable financial reports; |
• | our ability to successfully integrate other acquired businesses; |
• | our ability to maintain appropriate relations with unions and employees and avoiding work stoppages; |
• | our ability to successfully implement our vertical integration strategy; |
• | environmental laws, regulations and permits affecting our 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 us; |
• | our ability to obtain and renew permits required for the operation of our manufacturing facilities; |
• | uncertainties associated with unanticipated geological conditions related to mining; and |
• | the outcome of the stockholder class action litigation and derivative litigation, including any actions taken by government agencies in connection therewith. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Operating loss | $ | (49,431 | ) | $ | (59,001 | ) | $ | (149,186 | ) | $ | (163,348 | ) | |||
Add back: | |||||||||||||||
Depreciation and amortization included in costs of sales | 19,382 | 16,400 | 55,608 | 49,283 | |||||||||||
Depreciation, amortization and accretion | 8,093 | 10,072 | 22,552 | 26,273 | |||||||||||
OIBDA | (21,956 | ) | (32,529 | ) | (71,026 | ) | (87,792 | ) | |||||||
Add back: | |||||||||||||||
Stock-based compensation | 1,496 | 1,687 | 3,784 | 2,399 | |||||||||||
Inventory write-downs (Mountain Pass) | 13,396 | 20,264 | 45,682 | 53,799 | |||||||||||
Impact of purchase accounting on cost of inventory sold | 23 | 2,151 | 742 | 4,445 | |||||||||||
Impairment of discontinued assets | — | 3,454 | — | 3,454 | |||||||||||
Water removal | 845 | 5,146 | 10,186 | 13,844 | |||||||||||
Adjusted OIBDA | $ | (6,196 | ) | $ | 173 | $ | (10,632 | ) | $ | (9,851 | ) |
Resources | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | Variance | 2014 | 2013 | Variance | ||||||||||||||||||||||||
(In thousands, except volume and ASP) | |||||||||||||||||||||||||||||
Gross revenues | $ | 13,933 | $ | 13,513 | $ | 420 | 3 | % | $ | 39,533 | $ | 48,403 | $ | (8,870 | ) | (18 | )% | ||||||||||||
Sales volume (mt) | 1,085 | 1,080 | 5 | — | % | 3,047 | 2,892 | 155 | 5 | % | |||||||||||||||||||
ASP per kilogram | $ | 12.84 | $ | 12.51 | $ | 0.33 | 3 | % | $ | 12.97 | $ | 16.74 | $ | (3.77 | ) | (23 | )% | ||||||||||||
Depreciation, amortization and accretion (a) | $ | 17,332 | $ | 10,853 | $ | 6,479 | $ | 47,432 | $ | 31,536 | $ | 15,896 | |||||||||||||||||
Operating loss | (48,419 | ) | (55,526 | ) | 7,107 | (145,263 | ) | (136,055 | ) | (9,208 | ) | ||||||||||||||||||
OIBDA | $ | (31,087 | ) | $ | (44,673 | ) | $ | 13,586 | $ | (97,831 | ) | $ | (104,519 | ) | $ | 6,688 | |||||||||||||
(a) Related to production and other operating expense. |
Chemicals and Oxides | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | Variance | 2014 | 2013 | Variance | ||||||||||||||||||||||||
(In thousands, except volume and ASP) | |||||||||||||||||||||||||||||
Gross revenues | $ | 43,472 | $ | 57,965 | $ | (14,493 | ) | (25 | )% | $ | 138,659 | $ | 163,656 | $ | (24,997 | ) | (15 | )% | |||||||||||
Sales volume (mt) | 1,651 | 1,696 | (45 | ) | (3 | )% | 5,159 | 4,828 | 331 | 7 | % | ||||||||||||||||||
ASP per kilogram | $ | 26.33 | $ | 34.18 | $ | (7.85 | ) | (23 | )% | $ | 26.88 | $ | 33.90 | $ | (7.02 | ) | (21 | )% | |||||||||||
Depreciation and amortization(a) | $ | 3,823 | $ | 5,960 | $ | (2,137 | ) | $ | 11,605 | $ | 17,087 | $ | (5,482 | ) | |||||||||||||||
Operating income (loss) | 428 | (1,399 | ) | 1,827 | 783 | (19,879 | ) | 20,662 | |||||||||||||||||||||
OIBDA | $ | 4,251 | $ | 4,561 | $ | (310 | ) | $ | 12,388 | $ | (2,792 | ) | $ | 15,180 | |||||||||||||||
(a) Related to production and other operating expense. |
Magnetic Materials and Alloys | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | Variance | 2014 | 2013 | Variance | ||||||||||||||||||||||||
(In thousands, except volume and ASP) | |||||||||||||||||||||||||||||
Gross revenues | $ | 62,687 | $ | 72,626 | $ | (9,939 | ) | (14 | )% | $ | 172,985 | $ | 193,417 | $ | (20,432 | ) | (11 | )% | |||||||||||
Sales volume (mt) | 1,551 | 1,783 | (232 | ) | (13 | )% | 4,308 | 4,531 | (223 | ) | (5 | )% | |||||||||||||||||
ASP per kilogram | $ | 40.42 | $ | 40.73 | $ | (0.31 | ) | (1 | )% | $ | 40.15 | $ | 42.69 | $ | (2.54 | ) | (6 | )% | |||||||||||
Depreciation and amortization(a) | $ | 4,232 | $ | 7,458 | $ | (3,226 | ) | $ | 12,730 | $ | 20,360 | $ | (7,630 | ) | |||||||||||||||
Operating income | 9,483 | 11,062 | (1,579 | ) | 26,473 | 28,463 | (1,990 | ) | |||||||||||||||||||||
OIBDA | $ | 13,715 | $ | 18,520 | $ | (4,805 | ) | $ | 39,203 | $ | 48,823 | $ | (9,620 | ) | |||||||||||||||
(a) Related to production and other operating expense. |
Rare Metals | |||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||
2014 | 2013 | Variance | 2014 | 2013 | Variance | ||||||||||||||||||||||||
(In thousands, except volume and ASP) | |||||||||||||||||||||||||||||
Gross revenues | $ | 21,269 | $ | 20,994 | $ | 275 | 1 | % | $ | 57,637 | $ | 71,748 | $ | (14,111 | ) | (20 | )% | ||||||||||||
Sales volume (mt) | 104 | 102 | 2 | 2 | % | 284 | 275 | 9 | 3 | % | |||||||||||||||||||
ASP per kilogram | $ | 204.51 | $ | 205.82 | $ | (1.31 | ) | (1 | )% | $ | 202.73 | $ | 267.13 | $ | (64.40 | ) | (24 | )% | |||||||||||
Depreciation and amortization(a) | $ | 2,034 | $ | 2,144 | $ | (110 | ) | $ | 6,228 | $ | 6,402 | $ | (174 | ) | |||||||||||||||
Operating loss | (1,439 | ) | (3,055 | ) | 1,616 | (4,963 | ) | (2,455 | ) | (2,508 | ) | ||||||||||||||||||
OIBDA | $ | 595 | $ | (911 | ) | $ | 1,506 | $ | 1,265 | $ | 3,947 | $ | (2,682 | ) | |||||||||||||||
(a) Related to production and other operating expense. |
Cash and Cash Equivalents by Country | (In thousands) | |||
China (including Hong Kong) | $ | 49,820 | ||
Barbados | 3,041 | |||
Canada | 8,650 | |||
Estonia | 9,539 | |||
Japan | 4,323 | |||
Germany | 3,077 | |||
United Kingdom | 2,404 | |||
Thailand | 955 | |||
Other | 2,189 | |||
Total cash and cash equivalents in foreign countries | 83,998 | |||
United States | 229,479 | |||
Total cash and cash equivalents | $ | 313,477 |
Payments Due by Period | |||||||||||||||||||
Total | Less Than 1 Year | 1 - 3 Years | 4 - 5 Years | More Than 5 Years | |||||||||||||||
(In thousands) | |||||||||||||||||||
Operating lease obligations (1) | $ | 5,846 | $ | 2,113 | $ | 2,396 | $ | 498 | $ | 839 | |||||||||
Purchase obligations and other commitments (2) | 75,804 | 75,804 | — | — | — | ||||||||||||||
Employee obligations (3) | 2,828 | 2,828 | — | — | — | ||||||||||||||
Asset retirement obligations (4) | 33,211 | 128 | 3,672 | 4,184 | 25,227 | ||||||||||||||
Long-term debt | 1,773,595 | 8,636 | 793,805 | 971,154 | — | ||||||||||||||
Fixed interest on long-term debt | 658,105 | 133,798 | 365,327 | 158,980 | — | ||||||||||||||
Capital lease obligations | 49,751 | 8,278 | 21,856 | 10,723 | 8,894 | ||||||||||||||
Total | $ | 2,599,140 | $ | 231,585 | $ | 1,187,056 | $ | 1,145,539 | $ | 34,960 |
(1) | Represents all operating lease payments for office space, land and office equipment. |
(2) | Represents contractual commitments for the purchase of materials and services from vendors. |
(3) | Represents primarily payments due to employees for awards under our annual incentive plan. |
(4) | Under applicable environmental laws and regulations, we are subject to reclamation and remediation obligations resulting from our operations. The amounts presented above represent our estimated future undiscounted cash flows required to satisfy the obligations currently known to us. The discount rates we used to recognize these obligations in the balance sheets range from 5.12% to 10%, depending on the timing of when these obligations arose or were updated. |
1. | Retrospectively to each prior reporting period presented. |
2. | Retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. If an entity elects this transition method it also should provide the additional disclosures in reporting periods that include the date of initial application of: |
i. | The amount by which each financial statement line item is affected in the current reporting period by the application of this update as compared to the guidance that was in effect before the change. |
ii. | An explanation of the reasons for significant changes. |
MOLYCORP, INC. | ||
November 5, 2014 | By: | /s/ Geoffrey R. Bedford |
Geoffrey R. Bedford President and Chief Executive Officer (Principal Executive Officer) | ||
November 5, 2014 | By: | /s/ Michael F. Doolan |
Michael F. Doolan Chief Financial Officer (Principal Financial Officer) |
3.1 | Amended and Restated Certificate of Incorporation of Molycorp, Inc., as amended (incorporated by reference to Exhibit 3.1 to Molycorp, Inc.'s Quarterly Report on Form 10-Q (File No. 001-34827) filed with the Securities and Exchange Commission on August 6, 2014). | ||
3.2 | Bylaws of Molycorp, Inc. (incorporated by reference to Exhibit 3.2 to Molycorp, Inc.'s Current Report on Form 8-K (File No. 001-34827) filed with the Securities and Exchange Commission on August 6, 2010). | ||
10.1 | Credit Agreement, dated as of September 11, 2014, between Molycorp, Inc., various lenders party thereto and OCM MLYCo CTB Ltd. | ||
10.2 | Credit Agreement, dated as of September 11, 2014, between Magnequench, Inc., various lenders party thereto and OCM MLYCo CTB Ltd. | ||
10.3 | Purchase and Sale Agreement, dated as of September 11, 2014, between Molycorp Minerals, LLC and OCM MLYCo CTB Ltd. | ||
10.4 | Equipment Lease Agreement, dated as of September 11, 2014, between Molycorp Minerals, LLC and OCM MLYCo CTB Ltd. | ||
10.5 | Warrant Agreement, dated as of September 11, 2014, between Molycorp, Inc. and Computershare Inc. (The Strike Warrants). | ||
10.6 | Warrant Agreement, dated as of September 11, 2014, between Molycorp, Inc. and Computershare Inc. (The Penny Warrants). | ||
10.7 | First Amendment, dated as of October 17, 2014, but effective retroactively as of September 30, 2014, to the Credit Agreement, dated as of September 11, 2014, between Molycorp, Inc., various lenders party thereto and OCM MLYCo CTB Ltd. | ||
10.8 | First Amendment, dated as of October 17, 2014, but effective retroactively as of September 30, 2014, to the Credit Agreement, dated as of September 11, 2014, between Magnequench, Inc., various lenders party thereto and OCM MLYCo CTB Ltd. | ||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
32.1 | Certification pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
95.1 | Information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. | ||
101.INS | XBRL Instance Document | ||
101.SCH | XBRL Taxonomy Extension Schema Document | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
TABLE OF CONTENTS | ||
Page | ||
SECTION 1. DEFINITIONS AND INTERPRETATION | 1 | |
1.1. Definitions | 1 | |
1.2. Accounting Terms | 30 | |
1.3. Interpretation, Etc. | 31 | |
SECTION 2. LOANS | 31 | |
2.1. Loans | 31 | |
2.2. Pro Rata Shares; Availability of Funds | 32 | |
2.3. Use of Proceeds | 33 | |
2.4. Evidence of Debt | 33 | |
2.5. Interest on Loans | 33 | |
2.6. Default Interest | 34 | |
2.7. Fees | 34 | |
2.8. Prepayments | 34 | |
2.9. Application of Prepayments | 36 | |
2.10. Early Payment Premium | 36 | |
2.11. General Provisions Regarding Payments | 37 | |
2.12. No Violation of Pari Passu Indenture | 38 | |
2.13. Ratable Sharing | 38 | |
2.14. Commitment Yield Enhancement | 39 | |
2.15. Increased Costs; Capital Adequacy | 39 | |
2.16. Taxes; Withholding, Etc. | 40 | |
2.17. Obligation to Mitigate | 44 | |
2.18. Defaulting Lenders | 44 | |
2.19. Removal or Replacement of a Lender | 45 | |
SECTION 3. CONDITIONS PRECEDENT | 46 | |
3.1. Closing Date | 46 | |
3.2. Conditions to Each Credit Extension | 50 | |
3.3. Conditions Subsequent. | 51 | |
SECTION 4. REPRESENTATIONS AND WARRANTIES | 52 | |
4.1. Organization; Requisite Power and Authority; Qualification | 52 | |
4.2. Equity Interests and Ownership | 52 | |
4.3. Due Authorization | 53 | |
4.4. No Conflict | 53 | |
4.5. Governmental Consents | 53 | |
4.6. Binding Obligation | 53 | |
4.7. Historical Financial Statements | 53 | |
4.8. No Material Adverse Effect | 54 | |
4.9. Intercompany Obligations | 54 | |
4.10. Adverse Proceedings, Etc. | 54 | |
4.11. Payment of Taxes | 54 | |
4.12. Properties | 54 | |
4.13. Environmental Matters | 55 |
4.14. No Defaults | 55 | |
4.15. Material Contracts | 56 | |
4.16. Governmental Regulation | 56 | |
4.17. Federal Reserve Regulations; Exchange Act | 56 | |
4.18. Employee Matters | 56 | |
4.19. Employee Benefit Plans | 57 | |
4.20. Security Documents | 57 | |
4.21. Solvency | 58 | |
4.22. Financing Agreements | 58 | |
4.23. Compliance with Statutes, Etc. | 58 | |
4.24. Disclosure | 58 | |
4.25. Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act | 59 | |
SECTION 5. AFFIRMATIVE COVENANTS | 59 | |
5.1. Financial Statements and other Reports | 59 | |
5.2. Existence | 62 | |
5.3. Payment of Taxes and Claims | 53 | |
5.4. Maintenance of Properties. | 53 | |
5.5. Insurance | 63 | |
5.6. Books and Records; Inspections | 63 | |
5.7. Lenders Meetings | 64 | |
5.8. Compliance with Laws | 64 | |
5.9. Environmental | 64 | |
5.10. Subsidiaries | 65 | |
5.11. Further Assurances | 66 | |
SECTION 6. NEGATIVE COVENANTS | 66 | |
6.1. Indebtedness or Preferred Stock | 66 | |
6.2. Liens | 71 | |
6.3. Restricted Payments | 75 | |
6.4. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries of Borrower | 78 | |
6.5. Limitation on Asset Sales | 80 | |
6.6. Investments | 81 | |
6.7. Consolidation, Merger or Sale of Assets | 83 | |
6.8. Transactions with Affiliates | 84 | |
6.9. No Further Negative Pledges | 86 | |
6.10. Disposal of Subsidiary Interests | 86 | |
6.11. Sales and Lease‑Backs | 86 | |
6.12. Conduct of Business | 86 | |
6.13. Amendments or Waivers of Organizational Documents and Certain Financing Agreements | 86 | |
6.14. Amendments or Waivers of with respect to Certain Indebtedness | 87 | |
6.15. Fiscal Year | 87 | |
SECTION 7. EVENTS OF DEFAULT | 87 | |
7.1. Events of Default | 87 | |
SECTION 8. AGENTS | 91 | |
8.1. Appointment of Agents | 91 | |
8.2. Powers and Duties | 91 | |
8.3. General Immunity | 91 | |
8.4. Agents Entitled to Act as Lender | 93 | |
8.5. Lenders’ Representations, Warranties and Acknowledgment | 93 | |
8.6. Right to Indemnity | 94 | |
8.7. Successor Administrative Agent and First Priority Collateral Agent | 94 | |
8.8. Collateral Documents and Guaranty | 96 | |
8.9. Administrative Agent may File Bankruptcy Disclosure and Proofs of Claim | 98 | |
SECTION 9. MISCELLANEOUS | 99 | |
9.1. Notices | 99 | |
9.2. Expenses | 101 | |
9.3. Indemnity | 102 | |
9.4. Set‑Off | 103 | |
9.5. Amendments and Waivers | 103 | |
9.6. Successors and Assigns; Participations | 105 | |
9.7. Maximum Pari Passu Secured Indebtedness | 109 | |
9.8. Independence of Covenants | 109 | |
9.9. Survival of Representations, Warranties and Agreements | 109 | |
9.10. No Waiver; Remedies Cumulative | 110 | |
9.11. Marshalling; Payments Set Aside | 110 | |
9.12. Severability | 110 | |
9.13. Obligations Several; Independent Nature of Lenders’ Rights | 110 | |
9.14. Headings | 110 | |
9.15. APPLICABLE LAW | 110 | |
9.16. CONSENT TO JURISDICTION | 111 | |
9.17. WAIVER OF JURY TRIAL | 111 | |
9.18. Confidentiality | 112 | |
9.19. Usury Savings Clause; Early Payment Premium Savings Clause | 113 | |
9.20. Effectiveness; Counterparts | 114 | |
9.21. Entire Agreement | 114 | |
9.22. Electronic Execution of Assignments | 114 | |
9.23. PATRIOT Act | 114 | |
9.24. No Fiduciary Duty | 115 | |
9.25. Judgment Currency | 115 | |
9.26. Statements Regarding Collateral Agency Agreement | 115 | |
9.27. OID Legend | 116 |
APPENDICES: | A | Commitments |
B | Notice Addresses | |
SCHEDULES: | 4.1 | Jurisdictions of Organization and Qualification |
4.2 | Equity Interests and Ownership | |
4.9 | Intercompany Obligations | |
4.10 | Adverse Proceedings | |
4.15 | Material Contracts | |
4.21 | Security Documents | |
6.1 | Certain Indebtedness | |
6.2 | Certain Liens | |
EXHIBITS: | A | Funding Notice |
B | Compliance Certificate | |
C | Assignment Agreement | |
D-1 | Closing Date Certificate | |
D-2 | Solvency Certificate | |
(i) | 50% of the aggregate amount of the Consolidated Net Income (or, if the Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning on the first day of the fiscal quarter ending June 30, 2014, and ending on the last day of Borrower’s most recently completed Fiscal Quarter for which internal financial statements are available; plus |
(ii) | subject to paragraph (c), the aggregate net proceeds, including cash proceeds and the Fair Market Value of property other than cash, received by Borrower (other than from a Subsidiary) after the Closing Date (x) |
(iii) | the aggregate net proceeds, including cash proceeds and the Fair Market Value of property other than cash, received after the Closing Date, on any other Investment made after the Closing Date pursuant to this Section 6.3(a), as a result of any sale for cash, repayment, return, redemption, liquidating distribution or other realization (not included in Consolidated Net Income), not to exceed the amount of such Investment so made; plus |
(iv) | any amount which previously qualified as a Restricted Payment made under Section 6.3(a) on account of any guarantee entered into by Borrower or any Subsidiary; provided that such guarantee has not been called upon and the obligation arising under such guarantee no longer exists. |
By: | /s/ Geoffrey R. Bedford |
Name: Geoffrey R. Bedford | |
Title: President and CEO |
Lender | Commitment | Pro Rata Share |
OCM MLYCo CTB Ltd. | $185,000,000.00 | 100% |
Entity Name | Jurisdiction |
Molycorp, Inc. | Delaware |
Molycorp Luxembourg Holdings S.à.r.l. | Luxembourg |
MCP Exchangeco Inc. | British Columbia, Canada |
MCP Callco ULC | British Columbia, Canada |
PP IV Mountain Pass II, Inc. | Delaware |
RCF IV Speedwagon Inc. | Delaware |
PP IV Mountain Pass Inc. | Delaware |
Molycorp Minerals, LLC | Delaware |
Molycorp Advanced Water Technologies, LLC | Delaware |
Molycorp Metals & Alloys, Inc. | Delaware |
Molycorp Silmet AS | Estonia |
Industrial Minerals, LLC | Delaware |
Industrial Minerals S.à.r.l. | Luxembourg |
Sooriyan Mining Company (Private) Limited | Sri Lanka |
Molycorp Rare Metals Holdings, Inc. | Delaware |
Molycorp Rare Metals (Oklahoma), LLC | Delaware |
Molycorp Rare Metals (Utah), Inc. | Utah |
Shanxi Jia Hua Galaxy Electronic Materials Co., Ltd. | People’s Republic of China |
Magnequench, Inc. | Delaware |
Magnequench Neo Powders Pte. Ltd. | Singapore |
Magnequench International, Inc. | Delaware |
Xin Bao Investment Limited | Hong Kong |
Magnequench (Tianjin) Company Limited | People’s Republic of China |
Molycorp Chemicals & Oxides, Inc. | Delaware |
MCP Canada Limited Partnership | British Columbia, Canada |
Molycorp Minerals Canada ULC | British Columbia, Canada |
MCP Canada Holdings ULC | British Columbia, Canada |
Molycorp Korea Inc. | Korea |
Neo International Corp. | Barbados |
Neo Performance Materials (Singapore) Pte. Ltd. | Singapore |
Zibo Jiahua Advanced Material Resources Co., Ltd. | People’s Republic of China |
Jiangyin Jiahua Advanced Material Resources Co., Ltd. | People’s Republic of China |
Molycorp Chemicals & Oxides (Europe) Ltd | United Kingdom |
Molycorp Japan, Inc. | Japan |
Molycorp Rare Metals Korea Inc. | Korea |
NMT Holdings GmbH | Germany |
Magnequench GmbH | Germany |
Buss & Buss Spezialmetalle GmbH | Germany |
Molycorp (Beijing) Co., Ltd. | People’s Republic of China |
Magnequench Limited | Barbados |
Magnequench (Korat) Co., Ltd. | Thailand |
Magnequench International Trading (Tianjin) Co., Ltd. | People’s Republic of China |
Zibo Jia Xin Magnetic Materials Ltd. | People’s Republic of China |
Issuer | Owner | Type of Interest | Percentage Owned | Guarantor/ Pledgor Status |
Molycorp, Inc. | N/A | shares | N/A | Pari Passu Guarantor |
Molycorp Luxembourg Holdings S.à.r.l. | Molycorp, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Exchangeco Inc. | Molycorp, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Callco ULC | Molycorp, Inc. | membership interests | 100% | First Priority Guarantor |
PP IV Mountain Pass II, Inc. | Molycorp, Inc. | shares | 100% | Pari Passu Guarantor |
RCF IV Speedwagon Inc. | Molycorp, Inc. | Shares | 100% | Pari Passu Guarantor |
PP IV Mountain Pass Inc. | PP IV Mountain Pass II, Inc. | shares | 100% | Pari Passu Guarantor |
Molycorp Minerals, LLC | Molycorp, Inc. | shares | 31.96% | Pari Passu Guarantor |
PP IV Mountain Pass Inc. | shares | 16.73% | ||
RCF IV Speedwagon Inc. | shares | 51.31% | ||
Molycorp Advanced Water Technologies, LLC | Molycorp Minerals, LLC | membership interests | 100% | N/A |
Molycorp Metals & Alloys, Inc. | Molycorp Minerals, LLC | shares | 100% | Pari Passu Guarantor |
Molycorp Silmet AS | Molycorp Minerals, LLC | shares | 100% | First Priority Guarantor |
Industrial Minerals, LLC | Molycorp Minerals, LLC | membership interests | 100% | N/A |
Industrial Minerals S.à.r.l. | Industrial Minerals, LLC | shares | 100% | N/A |
Sooriyan Mining Company (Private) Limited | Industrial Minerals S.à.r.l. | shares | 100% | N/A |
Molycorp Rare Metals Holdings, Inc. | Molycorp Luxembourg Holdings S.à.r.l. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Molycorp Rare Metals (Oklahoma), LLC | Molycorp Rare Metals Holdings, Inc. | membership interests | 80% | N/A |
Molycorp Rare Metals (Utah), Inc. | Molycorp Rare Metals Holdings, Inc. | shares | 100% | First Priority Guarantor |
Shanxi Jia Hua Galaxy Electronic Materials Co., Ltd. | Molycorp Rare Metals Holdings, Inc. | shares | 60% | N/A |
Magnequench, Inc. | Molycorp Luxembourg Holdings S.à.r.l. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Magnequench Neo Powders Pte. Ltd. | Magnequench, Inc. | shares | 100% | First Priority Guarantor |
Magnequench International, Inc. | Magnequench, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Xin Bao Investment Limited | Magnequench International, Inc. | shares | 98.9% | N/A |
Molycorp Minerals Canada ULC | shares | 1.1% | ||
Magnequench (Tianjin) Company Limited | Xin Bao Investment Limited | shares | 100% | N/A |
Molycorp Chemicals & Oxides, Inc. | Molycorp Luxembourg Holdings S.á.r.l. | shares | 100% | First Priority Guarantor |
MCP Canada Limited Partnership | MCP Exchangeco Inc. | shares | 99.99% | First Priority Guarantor / First Priority Pledgor |
MCP Canada Holdings ULC | shares | 0.01% | ||
Molycorp Minerals Canada ULC | MCP Canada Limited Partnership | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Canada Holdings ULC | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Korea Inc. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Neo International Corp. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Neo Performance Materials (Singapore) Pte. Ltd. | Neo International Corp. | shares | 100% | First Priority Guarantor |
Zibo Jiahua Advanced Material Resources Co., Ltd. | Neo International Corp. | shares | 95% | N/A |
Jiangyin Jiahua Advanced Material Resources Co., Ltd. | Neo International Corp. | shares | 95% | N/A |
Jiangyin Kidokoro Glass Manufacture Co., Ltd. | Jiangyin Jiahua Advanced Material Resources Co., Ltd. | shares | 50% | N/A |
Molycorp Chemicals & Oxides (Europe) Ltd | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Japan, Inc. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Rare Metals Korea Inc. | Molycorp Minerals Canada ULC | shares | 80% | N/A |
NMT Holdings GmbH | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Magnequench GmbH | NMT Holdings GmbH | shares | 100% | N/A |
Buss & Buss Spezialmetalle GmbH | NMT Holdings GmbH | shares | 50% | N/A |
Ingal Stade GmbH | Molycorp Minerals Canada ULC | shares | 50% | N/A |
Molycorp (Beijing) Co., Ltd. | Molycorp Minerals Canada ULC | shares | 100% | N/A |
Magnequench Limited | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Magnequench (Korat) Co., Ltd. | Magnequench Limited | shares | 100%* | N/A |
Magnequench International Trading (Tianjin) Co., Ltd. | Magnequench Limited | shares | 100% | N/A |
Zibo Jia Xin Magnetic Materials Ltd. | Magnequench Limited | shares | 100% | N/A |
1. | Molycorp Luxembourg Holdings S.à.r.l. |
2. | MCP Exchangeco Inc. |
3. | MCP Callco ULC |
4. | PP IV Mountain Pass II, Inc. |
5. | RCF IV Speedwagon Inc. |
6. | PP IV Mountain Pass Inc. |
7. | Molycorp Minerals, LLC |
8. | Molycorp Metals & Alloys, Inc. |
9. | Molycorp Silmet AS |
10. | Molycorp Rare Metals Holdings, Inc. |
11. | Molycorp Rare Metals (Utah), Inc. |
12. | Magnequench, Inc. |
13. | Magnequench Neo Powders Pte. Ltd. |
14. | Magnequench International, Inc. |
15. | Molycorp Chemicals & Oxides, Inc. |
16. | MCP Canada Limited Partnership |
17. | Molycorp Minerals Canada ULC |
18. | MCP Canada Holdings ULC |
19. | Neo International Corp. |
20. | Neo Performance Materials (Singapore) Pte. Ltd. |
21. | Molycorp Chemicals & Oxides (Europe) Ltd |
22. | Molycorp Japan, Inc. |
23. | NMT Holdings GmbH |
24. | Magnequench Limited |
25. | Molycorp Korea Inc. |
26. | Xin Bao Investment Limited |
27. | Jiangyin Jiahua Advanced Material Resources Co., Ltd. |
28. | Buss & Buss Spezialmetalle GmbH |
29. | Magnequench (Korat) Co., Ltd. |
Balance Outstanding as at August 31, 2014 | |||||||||
Lender – Borrower | Denominated Currency | Interests | Principle | Total (denominated currency) | Total (USD) | Exchange Rate | |||
#1 | Molycorp Inc.-Exchangeco (CND$400M 10%) | Canadian Dollar | 2,735,199.16 | 320,187,959.15 | 322,923,158.31 | 296,858,943.10 | 1.0878 | ||
#2 | Molycorp Inc.-Exchangeco (CND$124M 10%) | Canadian Dollar | 2,049,374.39 | 119,307,614.06 | 121,356,988.45 | 111,561,857.37 | 1.0878 | ||
#3 | Exchangeco-Molycorp Minerals Canada ULC (CND$124M 10%) | Canadian Dollar | 1,414,218.07 | 75,982,797.01 | 77,397,015.09 | 71,150,041.45 | 1.0878 | ||
#4 | Magnequench International Inc.-Molycorp Inc. (USD$12.8M 6.5%) | US Dollar | 792,536.99 | 12,800,000.00 | 13,592,536.99 | 13,592,536.99 | 1.0000 | ||
#5 | Magnequench International Inc.-Molycorp Minerals LLC (USD$40M 6.5%) | US Dollar | 4,224,109.59 | 40,000,000.00 | 44,224,109.59 | 44,224,109.59 | 1.0000 | ||
#6 | Magnequench Limited-Magnequench (Korat) Co., Ltd. (USD$24.9M no interest) | US Dollar | - | 15,900,000.00 | 15,900,000.00 | 15,900,000.00 | 1.0000 | ||
#7 | Molycorp Minerals LLC-Silmet (CND$18.5M 3%) | US Dollar | 94,273.97 | 18,500,000.00 | 18,594,273.97 | 18,594,273.97 | 1.0000 | ||
#8 | Molycorp Inc.-Luxembourg (USD$350M no interest) | US Dollar | - | 350,000,000.00 | 350,000,000.00 | 350,000,000.00 | 1.0000 | ||
#9 | Magnequench Limited-MCP Partnership (USD$29.7M 0%) | US Dollar | - | 26,163,978.67 | 26,163,978.67 | 26,163,978.67 | 1.0000 | ||
#11 | Molycorp Minerals Canada ULC-NMT Holdings GmbH (EURO4.4M 60%) | EURO | 402,774.50 | 4,467,000.00 | 4,869,774.50 | 6,394,976.36 | 0.7615 | ||
#12 | XinBao-Molycorp Minerals Canada ULC (USD $3M 6.5%) | US Dollar | 150,898.63 | 3,000,000.00 | 3,150,898.63 | 3,150,898.63 | 1.0000 | ||
#13 | Molycorp Minerals LLC-MMA | US Dollar | 9,369.86 | - | 9,369.86 | 9,369.86 | 1.0000 | ||
#14 | Neo International Corp.-Molycorp Minerals Canada ULC (CND$ 0%) | Canadian Dollar | - | 44,273,128.37 | 44,273,128.37 | 40,699,695.14 | 1.0878 | ||
#15 | MQB-Molycorp Minerals Canada ULC (CND$ 0%) | Canadian Dollar | - | 15,835,820.00 | 15,835,820.00 | 14,557,657.66 | 1.0878 | ||
1. | In February 2012, a purported class action lawsuit was filed in the Colorado Federal District Court against Borrower and certain of its current and former executive officers alleging violations of the federal securities laws. The Consolidated Class Action Complaint filed on July 31, 2012 also names most of Borrower’s Board members and some of its stockholders as defendants, along with other persons and entities. That Complaint alleges 18 claims for relief arising out of alleged: (1) securities fraud in violation of the Securities Exchange Act of 1934, or the Exchange Act, during the proposed class period from February 11, 2011 through November 10, 2011; and (2) materially untrue or misleading statements in registration statements and prospectuses for our public offering of preferred stock in February 2011 and of common stock in June 2011, in violation of the Securities Act of 1933. |
2. | Certain of Borrower’s shareholders filed a consolidated stockholder derivative lawsuit purportedly on Borrower’s behalf against Borrower (as nominal defendant) and certain of Borrower’s current and former directors, executive officers and shareholders in the Delaware Court of Chancery. A Consolidated Amended Stockholder Derivative Complaint was filed in August 2012. Pursuant to an order dated May 15, 2013, the Delaware Chancery Court stayed this derivative lawsuit pending the outcome of the Colorado class action lawsuit. On October 9, 2013, certain plaintiffs, purportedly on Borrower’s behalf, filed a Motion to Lift the Stay and for Leave to File an Amended Complaint. Pursuant to a letter opinion dated May 12, 2014, the Delaware Chancery Court granted plaintiffs’ motion to file a second consolidated amended derivative complaint. In addition, the Delaware Chancery Court lifted the stay of the action. The plaintiffs filed their Second Consolidated Amended Complaint on May 15, 2014, alleging breaches of fiduciary duty and unjust enrichment, but dropping claims for material misstatements and for trading on material, non-public information. The defendants filed a Motion to Dismiss the Second Consolidated Amended Complaint on July 14, 2014. The plaintiffs’ answer brief was due to be filed on August 29, 2014, with defendants’ reply briefs due on September 26, 2014; however, the briefing schedule has been extended by three weeks. |
3. | Two additional shareholder derivative lawsuits were filed purportedly on Borrower’s behalf against Borrower (as nominal defendant) and certain of Borrower’s current and former directors, executive officers and shareholders, in the Colorado Federal District Court. These lawsuits allege claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment based on events in 2011 and 2012. The Colorado Federal District Court dismissed these lawsuits. The plaintiffs filed an appeal of that ruling to the U.S. Court of Appeals for the Tenth Circuit, and the Tenth Circuit remanded these cases back to the Colorado Federal District Court. |
4. | In August 2013, two purported class action lawsuits were filed in the U.S. District Court for the Southern District of New York against Borrower and certain of its current and former executive officers, alleging violations of the federal securities laws. A Consolidated Amended Class Action Complaint, filed on May 19, 2014, also names Borrower and certain of its current and former executive officers. The Consolidated Amended Class Action Complaint alleges claims for relief arising out of alleged securities fraud in violation of the Exchange Act, during a purported class period from February 21, 2012 through October 15, 2013. Borrower’s Motion to Dismiss the consolidated lawsuit is due to be filed on August 13, 2014. Borrower believes that this lawsuit is without merit and it intends to vigorously defend itself against these claims. |
1. | Indenture, dated as of June 15, 2011, between Molycorp, Inc., and Wells Fargo Bank, National Association, as trustee. |
2. | Indenture, dated May 25, 2012, among Molycorp, Inc., the Guarantors (as defined therein) and Wells Fargo Bank, National Association, as trustee. |
3. | First Supplemental Indenture, dated August 22, 2014, by and between Molycorp, Inc. and Wells Fargo Bank, National Association, as Trustee. |
4. | Second Supplemental Indenture by and between Molycorp, Inc. and Wells Fargo Bank, National Association, as Trustee. |
5. | Indenture, dated June 2, 2011, between Neo Material Technologies Inc. and Computershare Trust Company of Canada, as trustee. |
6. | Indenture, dated June 11, 2012, between Molycorp, Inc. and Computershare Trust Company of Canada. |
7. | Registration Rights Agreement, dated April 15, 2010, by and among Molycorp, Inc. and the parties listed therein. |
8. | Director and Officer Indemnification Agreement. |
9. | Share Lending Agreement, dated August 17, 2012, by and between Molycorp, Inc., as Lender, and Morgan Stanley Capital Services LLC, as Borrower. |
10. | Share Lending Agreement, dated as of January 24, 2013, by and between Molycorp, Inc., as Lender, and Morgan Stanley Capital Services LLC, as Borrower. |
1. | Collateral Agency Agreement, dated as of June 11, 2012, by and among Molycorp, Inc., Molycorp Minerals, LLC, Molycorp Metals & Alloys, Inc., RCF IV Speedwagon Inc., PP IV Mountain Pass Inc., PP IV Mountain Pass II, Inc., each as grantors, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as collateral agent. |
2. | Security Agreement, dated as of June 11, 2012, by and among Molycorp, Inc., Molycorp Minerals, LLC, Molycorp Metals & Alloys, Inc., RCF IV Speedwagon Inc., PP IV Mountain Pass Inc., PP IV Mountain Pass II, Inc., each as grantors, and Wells Fargo Bank, National Association, as collateral agent. |
3. | Patent Security Agreement, dated on or about June 11, 2012, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
4. | Patent Security Agreement, dated on or about April 2014, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
5. | Trademark Security Agreement, dated on or about June 11, 2012, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
6. | Trademark Security Agreement, dated on or about April, 2014, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
7. | Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of August 15, 2012, as amended by that certain Amendment No. 1 to Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing dated December 4, 2013, by Minerals in favor of Wells Fargo Bank, National Association, as successor to First American Title Insurance Company, as trustee, for the benefit of Pari Passu Collateral Agent, as recorded in the Official Records of the County of San Bernardino, California on August 16, 2012, as document number 2012-0329064. |
8. | Share Pledge Agreement, dated as of September 5, 2014, by Molycorp, Inc., Molycorp Luxembourg Holdings S.à.r.l., and Wells Fargo Bank, National Association, as collateral agent. |
9. | Pledge Agreement, dated September 6, 2012, by and among Molycorp Minerals, LLC and Wells Fargo Bank, National Association, as collateral agent, pursuant to which shares in Molycorp Silmet AS were pledged. |
10. | Deposit Account and Sweep Investment Control Agreement, dated as of October 31, 2012, by and among Molycorp Metals & Alloys, Inc., Molycorp Minerals, LLC, Wells Fargo Bank, |
11. | Securities Account Control Agreement, dated September 11, 2012, by and among Molycorp, Inc., Wells Fargo Bank, National Association, acting through its Investment Group, and Wells Fargo Bank, National Association, as collateral agent. |
1. | Approximately $26,604,032 of Capital Lease obligations that is deemed to be outstanding under Section 6.1(b)(xi) of the Credit Agreement; |
2. | $172,500,000 of Indebtedness pursuant to the 2018 Notes, $6,000,000 of which is deemed to be outstanding under Section 6.1(b)(xi) of the Credit Agreement and $166,500,000 of which is deemed to be outstanding under Section 6.1(b)(xviii) of the Credit Agreement; and |
3. | Approximately $9,870,873 of Indebtedness incurred by Foreign Subsidiaries of Borrower that is deemed to be outstanding under Section 6.1(xvi) of the Credit Agreement. |
1. | Assignor: | ______________________ | |
2. | Assignee: | ______________________ [and is an Affiliate/Related Fund of [_____]] [Assignor is not a Defaulting Lender] | |
3. | Borrower: | Molycorp, Inc. | |
4. | Administrative Agent: | OCM MLYCo CTB Ltd. (together with its permitted successor in such capacity), as the administrative agent under the Credit Agreement | |
5. | Credit Agreement: | The Credit Agreement dated as of September [__], by and among Molycorp, Inc., a Delaware corporation (“Borrower”), the Lenders party thereto from time to time, Administrative Agent and OCM MLYCo CTB Ltd., as First Priority Collateral Agent (together with its permitted successor in such capacity, “First Priority Collateral Agent”) | |
6. | Assigned Interest[s]: |
Aggregate Amount of Commitment/Loans for all Lenders | Amount of Commitment/Loans Assigned | Percentage Assigned of Commitment/Loans |
$______________ | $______________ | ____________% |
$______________ | $______________ | ____________% |
$______________ | $______________ | ____________% |
7. | Notice and Wire Instructions: |
[NAME OF ASSIGNOR] Notices: _________________________ _________________________ _________________________ Attention: Telecopier: with a copy to: _________________________ _________________________ _________________________ Attention: Telecopier: Wire Instructions: | [NAME OF ASSIGNEE] Notices: _________________________ _________________________ _________________________ Attention: Telecopier: with a copy to: _________________________ _________________________ _________________________ Attention: Telecopier: Wire Instructions: |
1 | Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. |
1. | Representations and Warranties. |
1.1 | Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the “Credit Documents”), or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document. |
1.2 | Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee (or Credit Approved Eligible Assignee, as applicable) under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, and (vii) if it is a Non-US Lender, attached to this Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender. |
2. | Payments. All payments with respect to the Assigned Interests shall be made on the Effective Date as follows: |
2.1 | From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee. |
3. | General Provisions. This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, |
TABLE OF CONTENTS | ||
Page | ||
SECTION 1. DEFINITIONS AND INTERPRETATION | 1 | |
1.1. Definitions | 1 | |
1.2. Accounting Terms | 30 | |
1.3. Interpretation, Etc. | 31 | |
SECTION 2. LOANS | 31 | |
2.1. Loans | 31 | |
2.2. Pro Rata Shares; Availability of Funds | 32 | |
2.3. Use of Proceeds | 33 | |
2.4. Evidence of Debt | 33 | |
2.5. Interest on Loans | 33 | |
2.6. Default Interest | 34 | |
2.7. Fees | 34 | |
2.8. Prepayments | 34 | |
2.9. Application of Prepayments | 36 | |
2.10. Early Payment Premium | 36 | |
2.11. General Provisions Regarding Payments | 37 | |
2.12. No Violation of Pari Passu Indenture | 38 | |
2.13. Ratable Sharing | 38 | |
2.14. Commitment Yield Enhancement | 39 | |
2.15. Increased Costs; Capital Adequacy | 39 | |
2.16. Taxes; Withholding, Etc. | 41 | |
2.17. Obligation to Mitigate | 44 | |
2.18. Defaulting Lenders | 45 | |
2.19. Removal or Replacement of a Lender | 46 | |
SECTION 3. CONDITIONS PRECEDENT | 47 | |
3.1. Closing Date | 47 | |
3.2. Conditions to Each Credit Extension | 51 | |
3.3. Conditions Subsequent. | 52 | |
SECTION 4. REPRESENTATIONS AND WARRANTIES | 52 | |
4.1. Organization; Requisite Power and Authority; Qualification | 52 | |
4.2. Equity Interests and Ownership | 53 | |
4.3. Due Authorization | 53 | |
4.4. No Conflict | 53 | |
4.5. Governmental Consents | 54 | |
4.6. Binding Obligation | 54 | |
4.7. Historical Financial Statements | 54 | |
4.8. No Material Adverse Effect | 54 | |
4.9. Intercompany Obligations | 54 | |
4.10. Adverse Proceedings, Etc. | 54 |
4.11. Payment of Taxes | 55 | |
4.12. Properties | 55 | |
4.13. Environmental Matters | 55 | |
4.14. No Defaults | 56 | |
4.15. Material Contracts | 56 | |
4.16. Governmental Regulation | 56 | |
4.17. Federal Reserve Regulations; Exchange Act | 57 | |
4.18. Employee Matters | 57 | |
4.19. Employee Benefit Plans | 57 | |
4.20. Security Documents | 58 | |
4.21. Solvency | 58 | |
4.22. Financing Agreements | 58 | |
4.23. Compliance with Statutes, Etc. | 59 | |
4.24. Disclosure | 59 | |
4.25. Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act | 59 | |
SECTION 5. AFFIRMATIVE COVENANTS | 60 | |
5.1. Financial Statements and other Reports | 60 | |
5.2. Existence | 63 | |
5.3. Payment of Taxes and Claims | 63 | |
5.4. Maintenance of Properties. | 63 | |
5.5. Insurance | 64 | |
5.6. Books and Records; Inspections | 64 | |
5.7. Lenders Meetings | 64 | |
5.8. Compliance with Laws | 65 | |
5.9. Environmental | 65 | |
5.10. Subsidiaries | 66 | |
5.11. Further Assurances | 67 | |
SECTION 6. NEGATIVE COVENANTS | 67 | |
6.1. Indebtedness or Preferred Stock | 67 | |
6.2. Liens | 72 | |
6.3. Restricted Payments | 76 | |
6.4. Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries of Molycorp | 79 | |
6.5. Limitation on Asset Sales | 82 | |
6.6. Investments | 82 | |
6.7. Consolidation, Merger or Sale of Assets | 84 | |
6.8. Transactions with Affiliates | 86 | |
6.9. No Further Negative Pledges | 88 | |
6.10. Disposal of Subsidiary Interests | 88 | |
6.11. Sales and Lease‑Backs | 88 | |
6.12. Conduct of Business | 88 | |
6.13. Amendments or Waivers of Organizational Documents and Certain Financing Agreements | 88 | |
6.14. Amendments or Waivers of with respect to Certain Indebtedness | 89 |
6.15. Fiscal Year | 89 | |
SECTION 7. EVENTS OF DEFAULT | 89 | |
7.1. Events of Default | 89 | |
SECTION 8. AGENTS | 93 | |
8.1. Appointment of Agents | 93 | |
8.2. Powers and Duties | 93 | |
8.3. General Immunity | 94 | |
8.4. Agents Entitled to Act as Lender | 95 | |
8.5. Lenders’ Representations, Warranties and Acknowledgment | 95 | |
8.6. Right to Indemnity | 96 | |
8.7. Successor Administrative Agent and First Priority Collateral Agent | 97 | |
8.8. Collateral Documents and Guaranty | 98 | |
8.9. Administrative Agent may File Bankruptcy Disclosure and Proofs of Claim | 101 | |
SECTION 9. MISCELLANEOUS | 102 | |
9.1. Notices | 102 | |
9.2. Expenses | 103 | |
9.3. Indemnity | 104 | |
9.4. Set‑Off | 105 | |
9.5. Amendments and Waivers | 106 | |
9.6. Successors and Assigns; Participations | 108 | |
9.7. Maximum Pari Passu Secured Indebtedness | 112 | |
9.8. Independence of Covenants | 112 | |
9.9. Survival of Representations, Warranties and Agreements | 112 | |
9.10. No Waiver; Remedies Cumulative | 112 | |
9.11. Marshalling; Payments Set Aside | 113 | |
9.12. Severability | 113 | |
9.13. Obligations Several; Independent Nature of Lenders’ Rights | 113 | |
9.14. Headings | 113 | |
9.15. APPLICABLE LAW | 113 | |
9.16. CONSENT TO JURISDICTION | 113 | |
9.17. WAIVER OF JURY TRIAL | 114 | |
9.18. Confidentiality | 115 | |
9.19. Usury Savings Clause; Early Payment Premium Savings Clause | 116 | |
9.20. Effectiveness; Counterparts | 117 | |
9.21. Entire Agreement | 117 | |
9.22. Electronic Execution of Assignments | 117 | |
9.23. PATRIOT Act | 117 | |
9.24. No Fiduciary Duty | 117 | |
9.25. Judgment Currency | 118 | |
9.26. Statements Regarding Collateral Agency Agreement | 118 | |
9.27. OID Legend | 119 |
APPENDICES: | A | Commitments |
B | Notice Addresses | |
SCHEDULES: | 4.1 | Jurisdictions of Organization and Qualification |
4.2 | Equity Interests and Ownership | |
4.9 | Intercompany Obligations | |
4.10 | Adverse Proceedings | |
4.15 | Material Contracts | |
4.21 | Security Documents | |
6.1 | Certain Indebtedness | |
6.2 | Certain Liens | |
EXHIBITS: | A | Funding Notice |
B | Compliance Certificate | |
C | Assignment Agreement | |
D‑1 | Closing Date Certificate | |
D‑2 | Solvency Certificate |
(i) | 50% of the aggregate amount of the Consolidated Net Income (or, if the Consolidated Net Income is a loss, minus 100% of the amount of the loss) accrued on a cumulative basis during the period, taken as one accounting period, beginning on the first day of the fiscal quarter ending June 30, 2014, and ending on the last day of Molycorp’s most recently completed Fiscal Quarter for which internal financial statements are available; plus |
(ii) | subject to paragraph (c), the aggregate net proceeds, including cash proceeds and the Fair Market Value of property other than cash, received by Molycorp (other than from a Subsidiary) after the Closing Date (x) from the issuance and sale of its Qualified Equity Interests, including by way of issuance of its Disqualified Equity Interests or Indebtedness to the extent since converted into or exchanged for Qualified Equity Interests of the Molycorp or (y) as a contribution to its common equity; plus |
(iii) | the aggregate net proceeds, including cash proceeds and the Fair Market Value of property other than cash, received after the Closing Date, on any other Investment made after the Closing Date pursuant to this Section 6.3(a), as a result of any sale for cash, repayment, return, redemption, liquidating distribution or other realization (not included in Consolidated Net Income), not to exceed the amount of such Investment so made; plus |
(iv) | any amount which previously qualified as a Restricted Payment made under Section 6.3(a) on account of any guarantee entered into by Molycorp or any of its Subsidiaries; provided that such guarantee has not been called upon and the obligation arising under such guarantee no longer exists. |
Lender | Commitment | Pro Rata Share |
OCM MLYCo CTB Ltd. | $75,000,000.00 | 100% |
Entity Name | Jurisdiction |
Molycorp, Inc. | Delaware |
Molycorp Luxembourg Holdings S.à.r.l. | Luxembourg |
MCP Exchangeco Inc. | British Columbia, Canada |
MCP Callco ULC | British Columbia, Canada |
PP IV Mountain Pass II, Inc. | Delaware |
RCF IV Speedwagon Inc. | Delaware |
PP IV Mountain Pass Inc. | Delaware |
Molycorp Minerals, LLC | Delaware |
Molycorp Advanced Water Technologies, LLC | Delaware |
Molycorp Metals & Alloys, Inc. | Delaware |
Molycorp Silmet AS | Estonia |
Industrial Minerals, LLC | Delaware |
Industrial Minerals S.à.r.l. | Luxembourg |
Sooriyan Mining Company (Private) Limited | Sri Lanka |
Molycorp Rare Metals Holdings, Inc. | Delaware |
Molycorp Rare Metals (Oklahoma), LLC | Delaware |
Molycorp Rare Metals (Utah), Inc. | Utah |
Shanxi Jia Hua Galaxy Electronic Materials Co., Ltd. | People’s Republic of China |
Magnequench, Inc. | Delaware |
Magnequench Neo Powders Pte. Ltd. | Singapore |
Magnequench International, Inc. | Delaware |
Xin Bao Investment Limited | Hong Kong |
Magnequench (Tianjin) Company Limited | People’s Republic of China |
Molycorp Chemicals & Oxides, Inc. | Delaware |
MCP Canada Limited Partnership | British Columbia, Canada |
Molycorp Minerals Canada ULC | British Columbia, Canada |
MCP Canada Holdings ULC | British Columbia, Canada |
Molycorp Korea Inc. | Korea |
Neo International Corp. | Barbados |
Neo Performance Materials (Singapore) Pte. Ltd. | Singapore |
Zibo Jiahua Advanced Material Resources Co., Ltd. | People’s Republic of China |
Jiangyin Jiahua Advanced Material Resources Co., Ltd. | People’s Republic of China |
Molycorp Chemicals & Oxides (Europe) Ltd | United Kingdom |
Molycorp Japan, Inc. | Japan |
Molycorp Rare Metals Korea Inc. | Korea |
NMT Holdings GmbH | Germany |
Magnequench GmbH | Germany |
Buss & Buss Spezialmetalle GmbH | Germany |
Molycorp (Beijing) Co., Ltd. | People’s Republic of China |
Magnequench Limited | Barbados |
Magnequench (Korat) Co., Ltd. | Thailand |
Magnequench International Trading (Tianjin) Co., Ltd. | People’s Republic of China |
Zibo Jia Xin Magnetic Materials Ltd. | People’s Republic of China |
Issuer | Owner | Type of Interest | Percentage Owned | Guarantor/ Pledgor Status |
Molycorp, Inc. | N/A | shares | N/A | Pari Passu Guarantor |
Molycorp Luxembourg Holdings S.à.r.l. | Molycorp, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Exchangeco Inc. | Molycorp, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Callco ULC | Molycorp, Inc. | membership interests | 100% | First Priority Guarantor |
PP IV Mountain Pass II, Inc. | Molycorp, Inc. | shares | 100% | Pari Passu Guarantor |
RCF IV Speedwagon Inc. | Molycorp, Inc. | Shares | 100% | Pari Passu Guarantor |
PP IV Mountain Pass Inc. | PP IV Mountain Pass II, Inc. | shares | 100% | Pari Passu Guarantor |
Molycorp Minerals, LLC | Molycorp, Inc. | shares | 31.96% | Pari Passu Guarantor |
PP IV Mountain Pass Inc. | shares | 16.73% | ||
RCF IV Speedwagon Inc. | shares | 51.31% | ||
Molycorp Advanced Water Technologies, LLC | Molycorp Minerals, LLC | membership interests | 100% | N/A |
Molycorp Metals & Alloys, Inc. | Molycorp Minerals, LLC | shares | 100% | Pari Passu Guarantor |
Molycorp Silmet AS | Molycorp Minerals, LLC | shares | 100% | First Priority Guarantor |
Industrial Minerals, LLC | Molycorp Minerals, LLC | membership interests | 100% | N/A |
Industrial Minerals S.à.r.l. | Industrial Minerals, LLC | shares | 100% | N/A |
Sooriyan Mining Company (Private) Limited | Industrial Minerals S.à.r.l. | shares | 100% | N/A |
Molycorp Rare Metals Holdings, Inc. | Molycorp Luxembourg Holdings S.à.r.l. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Molycorp Rare Metals (Oklahoma), LLC | Molycorp Rare Metals Holdings, Inc. | membership interests | 80% | N/A |
Molycorp Rare Metals (Utah), Inc. | Molycorp Rare Metals Holdings, Inc. | shares | 100% | First Priority Guarantor |
Shanxi Jia Hua Galaxy Electronic Materials Co., Ltd. | Molycorp Rare Metals Holdings, Inc. | shares | 60% | N/A |
Magnequench, Inc. | Molycorp Luxembourg Holdings S.à.r.l. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Magnequench Neo Powders Pte. Ltd. | Magnequench, Inc. | shares | 100% | First Priority Guarantor |
Magnequench International, Inc. | Magnequench, Inc. | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Xin Bao Investment Limited | Magnequench International, Inc. | shares | 98.9% | N/A |
Molycorp Minerals Canada ULC | shares | 1.1% | ||
Magnequench (Tianjin) Company Limited | Xin Bao Investment Limited | shares | 100% | N/A |
Molycorp Chemicals & Oxides, Inc. | Molycorp Luxembourg Holdings S.á.r.l. | shares | 100% | First Priority Guarantor |
MCP Canada Limited Partnership | MCP Exchangeco Inc. | shares | 99.99% | First Priority Guarantor / First Priority Pledgor |
MCP Canada Holdings ULC | shares | 0.01% | ||
Molycorp Minerals Canada ULC | MCP Canada Limited Partnership | shares | 100% | First Priority Guarantor / First Priority Pledgor |
MCP Canada Holdings ULC | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Korea Inc. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Neo International Corp. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Neo Performance Materials (Singapore) Pte. Ltd. | Neo International Corp. | shares | 100% | First Priority Guarantor |
Zibo Jiahua Advanced Material Resources Co., Ltd. | Neo International Corp. | shares | 95% | N/A |
Jiangyin Jiahua Advanced Material Resources Co., Ltd. | Neo International Corp. | shares | 95% | N/A |
Jiangyin Kidokoro Glass Manufacture Co., Ltd. | Jiangyin Jiahua Advanced Material Resources Co., Ltd. | shares | 50% | N/A |
Molycorp Chemicals & Oxides (Europe) Ltd | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Japan, Inc. | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Molycorp Rare Metals Korea Inc. | Molycorp Minerals Canada ULC | shares | 80% | N/A |
NMT Holdings GmbH | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor |
Magnequench GmbH | NMT Holdings GmbH | shares | 100% | N/A |
Buss & Buss Spezialmetalle GmbH | NMT Holdings GmbH | shares | 50% | N/A |
Ingal Stade GmbH | Molycorp Minerals Canada ULC | shares | 50% | N/A |
Molycorp (Beijing) Co., Ltd. | Molycorp Minerals Canada ULC | shares | 100% | N/A |
Magnequench Limited | Molycorp Minerals Canada ULC | shares | 100% | First Priority Guarantor / First Priority Pledgor |
Magnequench (Korat) Co., Ltd. | Magnequench Limited | shares | 100%* | N/A |
Magnequench International Trading (Tianjin) Co., Ltd. | Magnequench Limited | shares | 100% | N/A |
Zibo Jia Xin Magnetic Materials Ltd. | Magnequench Limited | shares | 100% | N/A |
1. | Molycorp Luxembourg Holdings S.à.r.l. |
2. | MCP Exchangeco Inc. |
3. | MCP Callco ULC |
4. | PP IV Mountain Pass II, Inc. |
5. | RCF IV Speedwagon Inc. |
6. | PP IV Mountain Pass Inc. |
7. | Molycorp Minerals, LLC |
8. | Molycorp Metals & Alloys, Inc. |
9. | Molycorp Silmet AS |
10. | Molycorp Rare Metals Holdings, Inc. |
11. | Molycorp Rare Metals (Utah), Inc. |
12. | Magnequench, Inc. |
13. | Magnequench Neo Powders Pte. Ltd. |
14. | Magnequench International, Inc. |
15. | Molycorp Chemicals & Oxides, Inc. |
16. | MCP Canada Limited Partnership |
17. | Molycorp Minerals Canada ULC |
18. | MCP Canada Holdings ULC |
19. | Neo International Corp. |
20. | Neo Performance Materials (Singapore) Pte. Ltd. |
21. | Molycorp Chemicals & Oxides (Europe) Ltd |
22. | Molycorp Japan, Inc. |
23. | NMT Holdings GmbH |
24. | Magnequench Limited |
25. | Molycorp Korea Inc. |
26. | Xin Bao Investment Limited |
27. | Jiangyin Jiahua Advanced Material Resources Co., Ltd. |
28. | Buss & Buss Spezialmetalle GmbH |
29. | Magnequench (Korat) Co., Ltd. |
Balance Outstanding as at August 31, 2014 | |||||||||
Lender – Borrower | Denominated Currency | Interests | Principle | Total (denominated currency) | Total (USD) | Exchange Rate | |||
#1 | Molycorp Inc.-Exchangeco (CND$400M 10%) | Canadian Dollar | 2,735,199.16 | 320,187,959.15 | 322,923,158.31 | 296,858,943.10 | 1.0878 | ||
#2 | Molycorp Inc.-Exchangeco (CND$124M 10%) | Canadian Dollar | 2,049,374.39 | 119,307,614.06 | 121,356,988.45 | 111,561,857.37 | 1.0878 | ||
#3 | Exchangeco-Molycorp Minerals Canada ULC (CND$124M 10%) | Canadian Dollar | 1,414,218.07 | 75,982,797.01 | 77,397,015.09 | 71,150,041.45 | 1.0878 | ||
#4 | Magnequench International Inc.-Molycorp Inc. (USD$12.8M 6.5%) | US Dollar | 792,536.99 | 12,800,000.00 | 13,592,536.99 | 13,592,536.99 | 1.0000 | ||
#5 | Magnequench International Inc.-Molycorp Minerals LLC (USD$40M 6.5%) | US Dollar | 4,224,109.59 | 40,000,000.00 | 44,224,109.59 | 44,224,109.59 | 1.0000 | ||
#6 | Magnequench Limited-Magnequench (Korat) Co., Ltd. (USD$24.9M no interest) | US Dollar | - | 15,900,000.00 | 15,900,000.00 | 15,900,000.00 | 1.0000 | ||
#7 | Molycorp Minerals LLC-Silmet (CND$18.5M 3%) | US Dollar | 94,273.97 | 18,500,000.00 | 18,594,273.97 | 18,594,273.97 | 1.0000 | ||
#8 | Molycorp Inc.-Luxembourg (USD$350M no interest) | US Dollar | - | 350,000,000.00 | 350,000,000.00 | 350,000,000.00 | 1.0000 | ||
#9 | Magnequench Limited-MCP Partnership (USD$29.7M 0%) | US Dollar | - | 26,163,978.67 | 26,163,978.67 | 26,163,978.67 | 1.0000 | ||
#11 | Molycorp Minerals Canada ULC-NMT Holdings GmbH (EURO4.4M 60%) | EURO | 402,774.50 | 4,467,000.00 | 4,869,774.50 | 6,394,976.36 | 0.7615 | ||
#12 | XinBao-Molycorp Minerals Canada ULC (USD $3M 6.5%) | US Dollar | 150,898.63 | 3,000,000.00 | 3,150,898.63 | 3,150,898.63 | 1.0000 | ||
#13 | Molycorp Minerals LLC-MMA | US Dollar | 9,369.86 | - | 9,369.86 | 9,369.86 | 1.0000 | ||
#14 | Neo International Corp.-Molycorp Minerals Canada ULC (CND$ 0%) | Canadian Dollar | - | 44,273,128.37 | 44,273,128.37 | 40,699,695.14 | 1.0878 | ||
#15 | MQB-Molycorp Minerals Canada ULC (CND$ 0%) | Canadian Dollar | - | 15,835,820.00 | 15,835,820.00 | 14,557,657.66 | 1.0878 | ||
1. | In February 2012, a purported class action lawsuit was filed in the Colorado Federal District Court against Molycorp and certain of its current and former executive officers alleging violations of the federal securities laws. The Consolidated Class Action Complaint filed on July 31, 2012 also names most of Molycorp’s Board members and some of its stockholders as defendants, along with other persons and entities. That Complaint alleges 18 claims for relief arising out of alleged: (1) securities fraud in violation of the Securities Exchange Act of 1934, or the Exchange Act, during the proposed class period from February 11, 2011 through November 10, 2011; and (2) materially untrue or misleading statements in registration statements and prospectuses for our public offering of preferred stock in February 2011 and of common stock in June 2011, in violation of the Securities Act of 1933. |
2. | Certain of Molycorp’s shareholders filed a consolidated stockholder derivative lawsuit purportedly on Molycorp’s behalf against Molycorp (as nominal defendant) and certain of Molycorp’s current and former directors, executive officers and shareholders in the Delaware Court of Chancery. A Consolidated Amended Stockholder Derivative Complaint was filed in August 2012. Pursuant to an order dated May 15, 2013, the Delaware Chancery Court stayed this derivative lawsuit pending the outcome of the Colorado class action lawsuit. On October 9, 2013, certain plaintiffs, purportedly on Molycorp’s behalf, filed a Motion to Lift the Stay and for Leave to File an Amended Complaint. Pursuant to a letter opinion dated May 12, 2014, the Delaware Chancery Court granted plaintiffs’ motion to file a second consolidated amended derivative complaint. In addition, the Delaware Chancery Court lifted the stay of the action. The plaintiffs filed their Second Consolidated Amended Complaint on May 15, 2014, alleging breaches of fiduciary duty and unjust enrichment, but dropping claims for material misstatements and for trading on material, non-public information. The defendants filed a Motion to Dismiss the Second Consolidated Amended Complaint on July 14, 2014. The plaintiffs’ answer brief was due to be filed on August 29, 2014, with defendants’ reply briefs due on September 26, 2014; however, the briefing schedule has been extended by three weeks. |
3. | Two additional shareholder derivative lawsuits were filed purportedly on Molycorp’s behalf against Molycorp (as nominal defendant) and certain of Molycorp’s current and former directors, executive officers and shareholders, in the Colorado Federal District Court. These lawsuits allege claims for breach of fiduciary duty, waste of corporate assets, and unjust enrichment based on events in 2011 and 2012. The Colorado Federal District Court dismissed these lawsuits. The plaintiffs filed an appeal of that ruling to the U.S. Court of Appeals for the Tenth Circuit, and the Tenth Circuit remanded these cases back to the Colorado Federal District Court. |
4. | In August 2013, two purported class action lawsuits were filed in the U.S. District Court for the Southern District of New York against Molycorp and certain of its current and former executive officers, alleging violations of the federal securities laws. A Consolidated Amended Class Action Complaint, filed on May 19, 2014, also names Molycorp and certain of its current and former executive officers. The Consolidated Amended Class Action Complaint alleges claims for relief arising out of alleged securities fraud in violation of the Exchange Act, during a purported class period from February 21, 2012 through October 15, 2013. Molycorp’s Motion to Dismiss the consolidated lawsuit is due to be filed on August 13, 2014. Molycorp believes that this lawsuit is without merit and it intends to vigorously defend itself against these claims. |
1. | Indenture, dated as of June 15, 2011, between Molycorp, Inc., and Wells Fargo Bank, National Association, as trustee. |
2. | Indenture, dated May 25, 2012, among Molycorp, Inc., the Guarantors (as defined therein) and Wells Fargo Bank, National Association, as trustee. |
3. | First Supplemental Indenture, dated August 22, 2014, by and between Molycorp, Inc. and Wells Fargo Bank, National Association, as Trustee. |
4. | Second Supplemental Indenture by and between Molycorp, Inc. and Wells Fargo Bank, National Association, as Trustee. |
5. | Indenture, dated June 2, 2011, between Neo Material Technologies Inc. and Computershare Trust Company of Canada, as trustee. |
6. | Indenture, dated June 11, 2012, between Molycorp, Inc. and Computershare Trust Company of Canada. |
7. | Registration Rights Agreement, dated April 15, 2010, by and among Molycorp, Inc. and the parties listed therein. |
8. | Director and Officer Indemnification Agreement. |
9. | Share Lending Agreement, dated August 17, 2012, by and between Molycorp, Inc., as Lender, and Morgan Stanley Capital Services LLC, as Molycorp. |
10. | Share Lending Agreement, dated as of January 24, 2013, by and between Molycorp, Inc., as Lender, and Morgan Stanley Capital Services LLC, as Molycorp. |
1. | Collateral Agency Agreement, dated as of June 11, 2012, by and among Molycorp, Inc., Molycorp Minerals, LLC, Molycorp Metals & Alloys, Inc., RCF IV Speedwagon Inc., PP IV Mountain Pass Inc., PP IV Mountain Pass II, Inc., each as grantors, Wells Fargo Bank, National Association, as trustee, and Wells Fargo Bank, National Association, as collateral agent. |
2. | Security Agreement, dated as of June 11, 2012, by and among Molycorp, Inc., Molycorp Minerals, LLC, Molycorp Metals & Alloys, Inc., RCF IV Speedwagon Inc., PP IV Mountain Pass Inc., PP IV Mountain Pass II, Inc., each as grantors, and Wells Fargo Bank, National Association, as collateral agent. |
3. | Patent Security Agreement, dated on or about June 11, 2012, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
4. | Patent Security Agreement, dated on or about April 2014, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
5. | Trademark Security Agreement, dated on or about June 11, 2012, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
6. | Trademark Security Agreement, dated on or about April, 2014, by Molycorp Minerals, LLC in favor of Wells Fargo Bank, National Association, as collateral agent. |
7. | Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of August 15, 2012, as amended by that certain Amendment No. 1 to Deed of Trust, Assignment of Leases and Rents, Security Agreement, and Fixture Filing dated December 4, 2013, by Minerals in favor of Wells Fargo Bank, National Association, as successor to First American Title Insurance Company, as trustee, for the benefit of Pari Passu Collateral Agent, as recorded in the Official Records of the County of San Bernardino, California on August 16, 2012, as document number 2012-0329064. |
8. | Share Pledge Agreement, dated as of September 5, 2014, by Molycorp, Inc., Molycorp Luxembourg Holdings S.à.r.l., and Wells Fargo Bank, National Association, as collateral agent. |
9. | Pledge Agreement, dated September 6, 2012, by and among Molycorp Minerals, LLC and Wells Fargo Bank, National Association, as collateral agent, pursuant to which shares in Molycorp Silmet AS were pledged. |
10. | Deposit Account and Sweep Investment Control Agreement, dated as of October 31, 2012, by and among Molycorp Metals & Alloys, Inc., Molycorp Minerals, LLC, Wells Fargo Bank, |
11. | Securities Account Control Agreement, dated September 11, 2012, by and among Molycorp, Inc., Wells Fargo Bank, National Association, acting through its Investment Group, and Wells Fargo Bank, National Association, as collateral agent. |
1. | Approximately $26,604,032 of Capital Lease obligations that is deemed to be outstanding under Section 6.1(b)(xi) of the Credit Agreement; |
2. | $172,500,000 of Indebtedness pursuant to the 2018 Notes, $6,000,000 of which is deemed to be outstanding under Section 6.1(b)(xi) of the Credit Agreement and $166,500,000 of which is deemed to be outstanding under Section 6.1(b)(xviii) of the Credit Agreement; and |
3. | Approximately $9,870,873 of Indebtedness incurred by Foreign Subsidiaries of Molycorp that is deemed to be outstanding under Section 6.1(xvi) of the Credit Agreement. |
1. | Assignor: | ______________________ | |
2. | Assignee: | ______________________ [and is an Affiliate/Related Fund of [_____]] [Assignor is not a Defaulting Lender] | |
3. | Borrower: | Magnequench, Inc. | |
4. | Administrative Agent: | OCM MLYCo CTB Ltd. (together with its permitted successor in such capacity), as the administrative agent under the Credit Agreement | |
5. | Credit Agreement: | The Credit Agreement dated as of September [__], by and among Magnequench, Inc., a Delaware corporation (“Borrower”), the Lenders party thereto from time to time, Administrative Agent and OCM MLYCo CTB Ltd., as First Priority Collateral Agent (together with its permitted successor in such capacity, “First Priority Collateral Agent”) | |
6. | Assigned Interest[s]: |
Aggregate Amount of Commitment/Loans for all Lenders | Amount of Commitment/Loans Assigned | Percentage Assigned of Commitment/Loans |
$______________ | $______________ | ____________% |
$______________ | $______________ | ____________% |
$______________ | $______________ | ____________% |
7. | Notice and Wire Instructions: |
[NAME OF ASSIGNOR] Notices: _________________________ _________________________ _________________________ Attention: Telecopier: with a copy to: _________________________ _________________________ _________________________ Attention: Telecopier: Wire Instructions: | [NAME OF ASSIGNEE] Notices: _________________________ _________________________ _________________________ Attention: Telecopier: with a copy to: _________________________ _________________________ _________________________ Attention: Telecopier: Wire Instructions: |
1 | Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. |
1. | Representations and Warranties. |
1.1 | Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and (iv) it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with any Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the “Credit Documents”), or any collateral thereunder, (iii) the financial condition of Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document. |
1.2 | Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an Eligible Assignee (or Credit Approved Eligible Assignee, as applicable) under the Credit Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, (vi) it has, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, and (vii) if it is a Non-US Lender, attached to this Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without |
2. | Payments. All payments with respect to the Assigned Interests shall be made on the Effective Date as follows: |
2.1 | From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee. |
3. | General Provisions. This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to conflict of laws principles thereof. |
1. | Lease Agreement; |
2. | Purchase and Sale Agreement; |
3. | Certificate of Acceptance for the Equipment, substantially in the form of Exhibit B to the Lease Agreement; |
4. | The Bill of Sale for the Equipment; |
5. | Guarantees (as defined in the Lease Agreement) and related pledge agreements; |
6. | True, correct and complete copies of all Warranties with respect to the Equipment; |
7. | True, correct and complete copies of Project Documents; |
8. | Payment by Seller to Buyer of (i) a yield enhancement in cash in an amount equal to 2.0% of the Purchase Price, which yield enhancement shall be fully earned and nonrefundable on the Acceptance Date and (ii) all other reasonable fees, costs and expenses of Buyer; |
9. | Secretary’s Certificate of Seller, attaching (a) true and complete copies of its constitutive documents in effect as of the date hereof, (b) a true and complete copy of resolutions duly adopted by the authorized governing body of Seller, authorizing the execution, delivery and performance by Seller of each of the Sale Leaseback Documents to which it is a party, (c) an incumbency certificate, and (d) a certificate of good standing, issued by the Secretary of State of the state of Seller’s formation, dated the Lease Commencement Date or a recent date prior thereto; |
10. | Secretary’s Certificate of each Guarantor, attaching (a) true and complete copies of its constitutive documents in effect as of the date hereof, (b) a true and complete copy of resolutions duly adopted by the authorized governing body of such Guarantor, authorizing the execution, delivery and performance by such Guarantor of the applicable Guarantees (and, if applicable, other Sale Leaseback Documents) to which it is a party, (c) an incumbency certificate, and (d) a certificate of good standing, issued by the Secretary of State of the state of such Guarantor’s incorporation or formation, dated the Lease Commencement Date or a recent date prior thereto; |
11. | Precautionary UCC-1 financing statements (including, to the extent reasonably requested by Buyer, precautionary fixture filings), naming Seller as debtor and Buyer as secured party, |
12. | UCC lien search reports, reasonably satisfactory to Buyer, dated before the projected Lease Commencement Date, made in respect of Seller in each jurisdiction in which Seller is located (within the meaning of Article 9 of the UCC) or in which the Equipment is located; |
13. | Copies of certificates of insurance with respect to the Equipment naming Buyer as loss payee that conform to all requirements set forth in Section 12 of the Lease Agreement; |
14. | A copy of the summary report, dated as of September 11, 2014, regarding the valuation of the Equipment by Duff & Phelps; |
15. | A customary legal opinion (or opinions) from counsel to Seller covering such matters as reasonably requested by Buyer, including, without limitation, no conflict with the 10% Senior Notes 2020 Indenture; |
16. | All transactions contemplated by this Agreement, the other documents contemplated hereby and the other Sale Leaseback Documents being permitted by the 10% Senior Notes 2020 Indenture; |
17. | Equipment free and clear of any Lien under the Pari Passu Collateral Documents (as defined in the Parent Financing Agreement) and all other Liens other than Permitted Liens; |
18. | A copy of the duly executed Parent Financing Agreement, the duly executed Magnequench Financing Agreement (as defined in the Lease Agreement) and the duly executed Warrant Agreements and Valuation Letter Agreement (as such terms are defined in the Parent Financing Agreement); and |
19. | Evidence satisfactory to Buyer of the occurrence of the “Closing Date” under and as defined in the Parent Financing Agreement and Magnequench Financing Agreement. |
Molycorp Valuation of Certain Assets of Molycorp Detail – Mountain Pass site Valuation Date: August 1, 2014 | |||||||||||||
D&P No. | Asset | No. | Asset description | Cap.date | Acquis.val. | Accum.dep. | Book val. | "Cost Center #" | Cost Center Description | Client Category | D&P Category Description | Exhibit Category | Fair Value |
517 | 20419 | - SRU A800 Brine Evaporation Package | 31.03.2014 | 22,507,762 | (375,129) | 22,132,632 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 12,189,000 | |
504 | 20406 | - SRU A200 Brine Treatment | 31.03.2014 | 20,279,152 | (724,255) | 19,554,897 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 10,982,000 | |
525 | 20428 | - Brine Recovery | 30.04.2014 | 19,532,720 | (325,545) | 19,207,175 | 123160 | Brine Recovery | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 10,696,000 | |
399 | 20300 | - WATER TREATMENT Reverse Osmosis Skids | 01.01.2013 | 18,799,951 | (2,169,225) | 16,630,726 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 9,455,000 | |
505 | 20407 | - SRU A300 Electrolysis/cell/Xformer Electroylzer A | 31.03.2014 | 15,226,083 | (253,768) | 14,972,315 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 8,246,000 | |
311 | 20205 | - CHP Turbines | 01.09.2012 | 14,365,694 | (1,316,294) | 13,049,400 | 123161 | CHP | HEAT & POWER | Turbines & Generators | Sale Leaseback Assets (Personal P | 7,973,000 | |
522 | 20424 | - SRU A850 Utilities | 31.03.2014 | 8,029,535 | (286,769) | 7,742,766 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 4,348,000 | |
513 | 20415 | - SRU A500 HCL Synthesis / Storage HCLSynthesis Unit | 31.03.2014 | 7,759,315 | (129,322) | 7,629,993 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 4,202,000 | |
312 | 20206 | - CHP HRSGs | 01.09.2012 | 7,282,692 | (667,957) | 6,614,735 | 123161 | CHP | HEAT & POWER | Boilers | Sale Leaseback Assets (Personal P | 4,137,000 | |
484 | 20386 | - CHP Phase 2 Turbine | 31.12.2013 | 6,960,885 | (174,022) | 6,786,863 | 123161 | CHP | SPARE PARTS | Turbines & Generators | Sale Leaseback Assets (Personal P | 3,929,000 | |
283 | 20177 | - CRUSHER & MOBILE TRUCK - MP | 31.03.2012 | 6,833,764 | (535,564) | 6,298,200 | 123102 | Crushing | PLANT & EQUIPMENT | Mining M&E | Personal Property | 3,186,000 | |
407 | 20308 | - WATER TREATMENT Multiple Equipment | 01.01.2013 | 6,309,764 | (1,352,092) | 4,957,672 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 3,173,000 | |
511 | 20413 | - SRU A400 Caustic Unit Caustic Evap Package PH1 | 31.03.2014 | 5,894,623 | (98,244) | 5,796,379 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 3,192,000 | |
331 | 20225 | - MILL Ball Mill | 01.12.2012 | 5,389,336 | (945,692) | 4,443,643 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 2,703,000 | |
515 | 20417 | - SRU A700 Bleach Plant/ Bleach Filtration Scrubber | 31.03.2014 | 5,315,434 | (88,591) | 5,226,843 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 2,879,000 | |
506 | 20408 | - SRU A300 Electrolysis/cell/Xformer Rectifer -A | 31.03.2014 | 5,033,873 | (83,898) | 4,949,975 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 2,726,000 | |
508 | 20410 | - SRU A300 Electrolysis/cell/Xformer Rectifier - B | 31.03.2014 | 5,033,873 | (83,898) | 4,949,975 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 2,726,000 | |
398 | 20299 | - WATER TREATMENT Weak Acid Cation Vessels | 01.01.2013 | 5,022,885 | (502,288) | 4,520,596 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 2,526,000 | |
486 | 20388 | - Mill & Flotation Elictrical & Instrumentation | 31.12.2013 | 4,991,832 | (356,559) | 4,635,273 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 2,706,000 | |
485 | 20387 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 31.12.2013 | 4,535,978 | (113,399) | 4,422,578 | 123161 | CHP | SPARE PARTS | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 2,525,000 | |
397 | 20298 | - WATER TREATMENT Multimedia F1lters | 01.01.2013 | 4,476,491 | (425,712) | 4,050,779 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 2,251,000 | |
510 | 20412 | - SRU A300 Electrolysis/cell/Xformer | 31.03.2014 | 3,491,483 | (124,696) | 3,366,787 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 1,891,000 | |
1490 | 90002 | - CHP Phase 2 Turbine | 31.12.2013 | 3,481,572 | - | 3,481,572 | 123161 | CHP | ASSETS FOR SALE | Turbines & Generators | Sale Leaseback Assets (Personal P | 1,965,000 | |
431 | 20332 | - SXI Heavies Separation MixerSettler | 01.01.2013 | 3,094,898 | (725,870) | 2,369,028 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Personal Property | 1,216,000 | |
348 | 20242 | - MILL Reagent System Flocculant System | 01.12.2012 | 3,077,437 | (573,572) | 2,503,864 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 1,544,000 | |
446 | 20347 | - SXI SXI MixerSettler | 01.01.2013 | 2,891,981 | (644,012) | 2,247,969 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Personal Property | 1,136,000 | |
396 | 20297 | - WATER TREATMENT Multiflo Clarifer | 01.01.2013 | 2,753,523 | (206,514) | 2,547,009 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 1,385,000 | |
340 | 20234 | - MILL Flotation Cells | 01.12.2012 | 2,501,617 | (448,573) | 2,053,044 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 1,255,000 | |
499 | 20401 | - SRU A100 Raw Brine | 31.03.2014 | 2,322,050 | (82,930) | 2,239,120 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 1,258,000 | |
519 | 20421 | - SRU A850 Utilities Cooling Tower | 31.03.2014 | 2,189,375 | (36,490) | 2,152,885 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 1,186,000 | |
496 | 20398 | - SRU A50 General 480 V MCC 1 | 31.03.2014 | 2,096,971 | (34,950) | 2,062,022 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 1,177,000 | |
1491 | 90003 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 31.12.2013 | 1,591,769 | - | 1,591,769 | 123161 | CHP | ASSETS FOR SALE | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 886,000 | |
405 | 20306 | - WATER TREATMENT Motor Control Center | 01.01.2013 | 1,517,561 | (325,192) | 1,192,369 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 763,000 | |
402 | 20303 | - WATER TREATMENT Chemical Feed Skids | 01.01.2013 | 1,470,468 | (315,100) | 1,155,368 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 740,000 | |
432 | 20333 | - SXI SXH MixerSettler 2 | 01.01.2013 | 1,363,324 | (303,597) | 1,059,727 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Personal Property | 536,000 | |
282 | 20176 | - SD-2 CAT FRONT SHOVEL MODEL 6015 | 31.03.2012 | 1,345,914 | (444,786) | 901,127 | 123102 | Crushing | PLANT & EQUIPMENT | Mining Vehicles | Personal Property | 627,000 | |
507 | 20409 | - SRU A300 Electrolysis/cell/Xformer Buss Bars - A | 31.03.2014 | 1,304,916 | (21,749) | 1,283,168 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 707,000 | |
284 | 20178 | - CRUSHER CONVEYOR | 31.03.2012 | 1,257,031 | (243,256) | 1,013,775 | 123102 | Crushing | PLANT & EQUIPMENT | Conveyors | Personal Property | 535,000 | |
526 | 20429 | - Brine Pipe Line fr Area 305 to Evap Pond | 30.04.2014 | 1,231,738 | (20,529) | 1,211,209 | 123160 | Brine Recovery | PLANT & EQUIPMENT | Piping | Sale Leaseback Assets (Personal P | 692,000 | |
494 | 20396 | - SRU A50 General Unit Sub Station | 31.03.2014 | 1,174,405 | (19,573) | 1,154,831 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 659,000 | |
317 | 20211 | - CHP Diesel Generator | 01.09.2012 | 1,148,548 | (105,343) | 1,043,205 | 123161 | CHP | HEAT & POWER | Turbines & Generators | Sale Leaseback Assets (Personal P | 637,000 | |
509 | 20411 | - SRU A300 Electrolysis/cell/Xformer Chlorate Reacto | 31.03.2014 | 1,028,893 | (17,148) | 1,011,745 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 557,000 | |
338 | 20232 | - MILL Tailings Filter Press Conc Filter Press | 01.12.2012 | 1,028,179 | (191,876) | 836,303 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Filter Presses | Sale Leaseback Assets (Personal P | 303,000 | |
298 | 20192 | - CRUSHER ALLOCATION MP | 01.07.2012 | 1,027,457 | (79,333) | 948,124 | 123102 | Crushing | PLANT & EQUIPMENT | Mining M&E | Personal Property | 493,000 | |
403 | 20304 | - WATER TREATMENT FRP Tanks | 01.01.2013 | 931,539 | (199,616) | 731,924 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 504,000 | |
448 | 20349 | - SXI FRP Tanks | 01.01.2013 | 848,419 | (188,933) | 659,485 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tanks | Personal Property | 459,000 | |
447 | 20348 | - SXI FRP Tanks | 01.01.2013 | 807,782 | (179,884) | 627,898 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tanks | Personal Property | 437,000 | |
321 | 20215 | - CHP Load Banks | 01.09.2012 | 807,171 | (74,032) | 733,139 | 123161 | CHP | HEAT & POWER | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 425,000 | |
514 | 20416 | - SRU A500 HCL Synthesis / Storage | 31.03.2014 | 801,057 | (28,609) | 772,447 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 434,000 | |
521 | 20423 | - SRU A850 Utilities SRU Waste Collection Tank | 31.03.2014 | 794,816 | (13,247) | 781,570 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 444,000 |
Molycorp Valuation of Certain Assets of Molycorp Detail – Mountain Pass site Valuation Date: August 1, 2014 | |||||||||||||
D&P No. | Asset | No. | Asset description | Cap.date | Acquis.val. | Accum.dep. | Book val. | "Cost Center #" | Cost Center Description | Client Category | D&P Category Description | Exhibit Category | Fair Value |
297 | 20191 | - CRUSHER-MECH & ELECT MP | 01.07.2012 | 706,066 | (54,517) | 651,549 | 123102 | Crushing | PLANT & EQUIPMENT | Mining M&E | Personal Property | 339,000 | |
498 | 20400 | - SRU A100 Raw Brine Saturator | 31.03.2014 | 698,750 | (11,646) | 687,104 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 378,000 | |
502 | 20404 | - SRU A200 Brine Treatment Filtered Brine Tank | 31.03.2014 | 692,527 | (11,542) | 680,985 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 387,000 | |
503 | 20405 | - SRU A200 Brine Treatment Polished Brine Tank | 31.03.2014 | 690,904 | (11,515) | 679,388 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 386,000 | |
520 | 20422 | - SRU A850 Utilities Paste Tails Collection Tank | 31.03.2014 | 620,423 | (10,340) | 610,082 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 346,000 | |
500 | 20402 | - SRU A200 Brine Treatment Precip 2 Tank # 1 | 31.03.2014 | 614,784 | (10,246) | 604,537 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 343,000 | |
495 | 20397 | - SRU A50 General Switch Gear | 31.03.2014 | 607,233 | (10,121) | 597,113 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 341,000 | |
518 | 20420 | - SRU A800 Brine Evaporation | 31.03.2014 | 582,095 | (20,789) | 561,306 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 315,000 | |
497 | 20399 | - SRU A50 General Switch , Rectifiers | 31.03.2014 | 570,010 | (20,358) | 549,652 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 320,000 | |
501 | 20403 | - SRU A200 Brine Treatment Precip Tank #2 | 31.03.2014 | 557,714 | (9,295) | 548,419 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 311,000 | |
512 | 20414 | - SRU A400 Caustic Unit | 31.03.2014 | 546,531 | (19,519) | 527,012 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 296,000 | |
434 | 20335 | - SXI FRP Tanks | 01.01.2013 | 537,687 | (119,737) | 417,951 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tanks | Personal Property | 291,000 | |
395 | 20296 | - WATER TREATMENT Filter Press | 01.01.2013 | 525,127 | (52,513) | 472,615 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Filter Presses | Sale Leaseback Assets (Personal P | 158,000 | |
406 | 20307 | - WATER TREATMENT PLC | 01.01.2013 | 472,478 | (101,245) | 371,233 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Computers/IT | Sale Leaseback Assets (Personal P | 142,000 | |
316 | 20210 | - CHP Centrifugal Chillers | 01.09.2012 | 453,971 | (41,637) | 412,333 | 123161 | CHP | HEAT & POWER | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 239,000 | |
435 | 20336 | - SXI FRP Tanks | 01.01.2013 | 442,019 | (98,433) | 343,586 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tanks | Personal Property | 239,000 | |
351 | 20246 | - MILL Other Sump Pump Tank | 01.12.2012 | 430,252 | (80,292) | 349,959 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 232,000 | |
400 | 20301 | - WATER TREATMENT Clean -in-place Skids | 01.01.2013 | 386,180 | (82,753) | 303,427 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 194,000 | |
339 | 20233 | - MILL Concentrate Thickener | 01.12.2012 | 368,347 | (68,740) | 299,607 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 199,000 | |
401 | 20302 | - WATER TREATMENT Sludge Clarifier | 01.01.2013 | 341,033 | (25,577) | 315,455 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Water Filtration | Sale Leaseback Assets (Personal P | 172,000 | |
332 | 20226 | - MILL Bridge Crane | 01.12.2012 | 333,859 | (62,304) | 271,555 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Warehouse Equipment | Sale Leaseback Assets (Personal P | 175,000 | |
334 | 20228 | - MILL Crushing Systems | 01.12.2012 | 332,211 | (61,996) | 270,214 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 167,000 | |
343 | 20237 | - MILL Tank Agitator, Flotation | 01.12.2012 | 330,001 | (61,584) | 268,417 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Sale Leaseback Assets (Personal P | 132,000 | |
404 | 20305 | - WATER TREATMENT Bolted Steel Tanks | 01.01.2013 | 306,884 | (65,761) | 241,123 | 123165 | Water treatment-fresh water supply | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 166,000 | |
313 | 20207 | - CHP Boiler Feedwater Pumps | 01.09.2012 | 234,014 | (21,463) | 212,551 | 123161 | CHP | HEAT & POWER | Pumps and Compressors | Sale Leaseback Assets (Personal P | 118,000 | |
315 | 20209 | - CHP Deaerator | 01.09.2012 | 223,256 | (20,477) | 202,779 | 123161 | CHP | HEAT & POWER | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 117,000 | |
492 | 20394 | - Mill Lab Equip | 01.01.2014 | 217,227 | (15,516) | 201,711 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 116,000 | |
345 | 20239 | - MILL Ball Mill & Mill Feed Slurry Pumps | 01.12.2012 | 213,375 | (39,819) | 173,556 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 110,000 | |
346 | 20240 | - MILL Mill Flotation Sump Pumps | 01.12.2012 | 205,495 | (38,349) | 167,146 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 106,000 | |
342 | 20236 | - MILL Froth Pumps | 01.12.2012 | 200,794 | (37,472) | 163,322 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 104,000 | |
449 | 20350 | - SXI Mag Drive Pumps | 01.01.2013 | 199,026 | (44,321) | 154,705 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Pumps and Compressors | Personal Property | 101,000 | |
318 | 20212 | - CHP Cooling Towers | 01.09.2012 | 194,201 | (17,812) | 176,389 | 123161 | CHP | HEAT & POWER | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 102,000 | |
309 | 20203 | - CHP Epoxy Coated Treated Water Tank | 01.09.2012 | 156,173 | (14,324) | 141,849 | 123161 | CHP | HEAT & POWER | Tanks | Sale Leaseback Assets (Personal P | 83,000 | |
307 | 20201 | - CHP Condensate Storage Tank | 01.09.2012 | 131,751 | (12,084) | 119,667 | 123161 | CHP | HEAT & POWER | Tanks | Sale Leaseback Assets (Personal P | 70,000 | |
341 | 20235 | - MILL Flotation Blowers | 01.12.2012 | 120,321 | (22,454) | 97,867 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 60,000 | |
437 | 20338 | - SXI Used Heat Exchanger | 01.01.2013 | 118,476 | (26,383) | 92,093 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 58,000 | |
308 | 20202 | - CHP Aqueous Ammonia Storage Tanks | 01.09.2012 | 116,885 | (10,721) | 106,164 | 123161 | CHP | HEAT & POWER | Tanks | Sale Leaseback Assets (Personal P | 62,000 | |
350 | 20245 | - MILL Concentrate Water Screw Feeder | 01.12.2012 | 107,315 | (20,027) | 87,289 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 54,000 | |
436 | 20337 | - SXI Mag Drive Pumps | 01.01.2013 | 95,120 | (21,182) | 73,938 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Pumps and Compressors | Personal Property | 48,000 | |
523 | 20425 | - SRU Metrohm Autotitrator | 31.03.2014 | 79,204 | (2,829) | 76,375 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Laboratory Equipment | Sale Leaseback Assets (Personal P | 43,000 | |
352 | 20247 | - MILL Air Receivers | 01.12.2012 | 78,892 | (14,723) | 64,170 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 40,000 | |
516 | 20418 | - SRU A700 Bleach Plant/ Bleach Filtration | 31.03.2014 | 78,339 | (2,798) | 75,541 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | SRU (Chlor-alkali) | Sale Leaseback Assets (Personal P | 42,000 | |
333 | 20227 | - MILL Ball Mill Cyclone System | 01.12.2012 | 75,761 | (14,138) | 61,623 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 38,000 | |
336 | 20230 | - MILL Ball Mill Sump Pump Tank | 01.12.2012 | 74,358 | (13,876) | 60,482 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Tanks | Sale Leaseback Assets (Personal P | 40,000 | |
549 | 20452 | - Mill Misc Equipments Improvements | 01.04.2014 | 69,493 | (2,482) | 67,011 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 38,000 | |
1461 | 60841 | - Rockwell Automation - CIP | 01.02.2013 | 69,421 | (19,669) | 49,752 | 123161 | CHP | COMPUTER SOFTWARE | Software | Sale Leaseback Assets (Personal P | 28,000 | |
452 | 20353 | - SXI Heat Exchangers | 01.01.2013 | 65,548 | (14,597) | 50,951 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 32,000 | |
543 | 20446 | - SRU CA Back-up Air Compressor | 01.04.2014 | 61,994 | (1,550) | 60,445 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 34,000 | |
349 | 20243 | - MILL Reclaim Water Pumps | 01.12.2012 | 58,776 | (10,969) | 47,808 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 30,000 | |
319 | 20213 | - CHP Water Filtration System | 01.09.2012 | 57,890 | (5,310) | 52,580 | 123161 | CHP | HEAT & POWER | Water Filtration | Sale Leaseback Assets (Personal P | 28,000 | |
524 | 20426 | - GC Carle 400 | 31.03.2014 | 55,037 | (1,966) | 53,071 | 123162 | Salt Recovery/Chloralkali | PLANT & EQUIPMENT | Laboratory Equipment | Sale Leaseback Assets (Personal P | 30,000 | |
344 | 20238 | - MILL Concentrate Thickener Underflow Pumps | 01.12.2012 | 54,524 | (10,175) | 44,349 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 28,000 |
Molycorp Valuation of Certain Assets of Molycorp Detail – Mountain Pass site Valuation Date: August 1, 2014 | |||||||||||||
D&P No. | Asset | No. | Asset description | Cap.date | Acquis.val. | Accum.dep. | Book val. | "Cost Center #" | Cost Center Description | Client Category | D&P Category Description | Exhibit Category | Fair Value |
347 | 20241 | - MILL Pumps: Wash Water, Filtrate, Overflow | 01.12.2012 | 52,192 | (9,740) | 42,452 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 27,000 | |
353 | 20248 | - MILL Indoor Gas Unit Heaters | 01.12.2012 | 42,997 | (8,024) | 34,973 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 22,000 | |
441 | 20342 | - SXI Scrubber Blower | 01.01.2013 | 37,801 | (8,418) | 29,383 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 19,000 | |
337 | 20231 | - MILL Ball Mill Disconnect Switch | 01.12.2012 | 36,479 | (6,808) | 29,672 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 20,000 | |
530 | 20433 | - Mobile Pump Skid | 01.04.2014 | 29,538 | (1,055) | 28,483 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Pumps and Compressors | Personal Property | 16,000 | |
330 | 20224 | - MILL Switches | 01.12.2012 | 23,231 | (4,335) | 18,896 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Accessory Electrical Equipment | Sale Leaseback Assets (Personal P | 13,000 | |
451 | 20352 | - SXI Sump Pumps | 01.01.2013 | 21,886 | (4,874) | 17,012 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Pumps and Compressors | Personal Property | 11,000 | |
335 | 20229 | - MILL Mill Flotation Sump Pumps | 01.12.2012 | 19,739 | (3,684) | 16,056 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 10,000 | |
444 | 20345 | - SXI Charcoal Absorption Columns | 01.01.2013 | 14,875 | (3,313) | 11,563 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 7,000 | |
314 | 20208 | - CHP Boiler Feedwater Pumps Piping | 01.09.2012 | 14,515 | (1,331) | 13,183 | 123161 | CHP | HEAT & POWER | Piping | Sale Leaseback Assets (Personal P | 8,000 | |
450 | 20351 | - SXI Heat Exchangers | 01.01.2013 | 13,402 | (2,984) | 10,418 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 7,000 | |
433 | 20334 | - SXI SXH MixerSettler 2 | 01.01.2013 | 13,269 | (2,955) | 10,314 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Personal Property | 5,000 | |
440 | 20341 | - SXI One 2 Ton Capacity Electric Chain Hoist | 01.01.2013 | 13,063 | (2,909) | 10,154 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Warehouse Equipment | Personal Property | 7,000 | |
354 | 20249 | - MILL Seal Water Pumps | 01.12.2012 | 12,153 | (2,268) | 9,885 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Pumps and Compressors | Sale Leaseback Assets (Personal P | 6,000 | |
541 | 20444 | - SXI Raff Organic Skim | 01.04.2014 | 11,697 | (418) | 11,279 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 6,000 | |
439 | 20340 | - SXI Refurbishing used heat exchangers | 01.01.2013 | 11,171 | (2,488) | 8,683 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 5,000 | |
443 | 20344 | - SXI Sump Pumps | 01.01.2013 | 9,727 | (2,166) | 7,561 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Pumps and Compressors | Personal Property | 5,000 | |
320 | 20214 | - CHP Seal Flush Plan | 01.09.2012 | 8,549 | (784) | 7,765 | 123161 | CHP | HEAT & POWER | CHP Plant misc equipment | Sale Leaseback Assets (Personal P | 4,000 | |
438 | 20339 | - SXI Static Mixers for SXHSXI | 01.01.2013 | 4,647 | (1,035) | 3,612 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Tank Agitators & Mixers | Personal Property | 2,000 | |
442 | 20343 | - SXI Heat Exchangers | 01.01.2013 | 4,123 | (918) | 3,205 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 2,000 | |
355 | 20251 | - MILL Filter Cloth | 01.12.2012 | 2,192 | (496) | 1,697 | 123104 | Milling and Flotation | PLANT & EQUIPMENT | Mining M&E | Sale Leaseback Assets (Personal P | 1,000 | |
445 | 20346 | - SXI Toe Plate Angle clips | 01.01.2013 | 1,167 | (260) | 907 | 123113 | SX-I Separation | PLANT & EQUIPMENT | Mining M&E | Personal Property | 1,000 | |
Total | 264,921,701 | -18,318,841 | 246,602,860 | 139,833,000 |
(a) | certifies and warrants that all Equipment described in Exhibit A to the Agreement (the “Equipment”) is delivered, inspected and fully installed, and operational as of the Acceptance Date as indicated below; and |
(b) | accepts all the Equipment for all purposes under the Agreement and all attendant documents as of the date above (the “Acceptance Date”). |
Year 1 Quarter 1 | $2,474,267.25 |
Year 1 Quarter 2 | $2,478,005.84 |
Year 1 Quarter 3 | $2,564,736.05 |
Year 1 Quarter 4 | $2,597,507.67 |
Year 2 Quarter 1 | $2,602,103.50 |
Year 2 Quarter 2 | $2,634,991.20 |
Year 2 Quarter 3 | $2,697,616.48 |
Year 2 Quarter 4 | $2,732,086.02 |
Year 3 Quarter 1 | $2,736,919.97 |
Year 3 Quarter 2 | $2,741,055.42 |
Year 3 Quarter 3 | $2,836,992.36 |
Year 3 Quarter 4 | $2,873,242.82 |
Year 4 Quarter 1 | $2,878,326.52 |
Year 4 Quarter 2 | $2,882,675.64 |
Year 4 Quarter 3 | $2,983,569.29 |
Year 4 Quarter 4 | $3,021,692.67 |
Year 5 Quarter 1 | $3,027,039.02 |
Year 5 Quarter 2 | $3,031,612.85 |
Year 5 Quarter 3 | $3,137,719.30 |
Year 5 Quarter 4 | $183,089,363.99 |
Year 1 Quarter 1 | $2,474,267.25 | $4,241,601.00 |
Year 1 Quarter 2 | $2,478,005.84 | $4,248,010.01 |
Year 1 Quarter 3 | $2,564,736.05 | $4,396,690.36 |
Year 1 Quarter 4 | $2,597,507.67 | $4,452,870.30 |
Year 2 Quarter 1 | $2,602,103.50 | $4,460,748.86 |
Year 2 Quarter 2 | $2,634,991.20 | $4,517,127.77 |
Year 2 Quarter 3 | $2,697,616.48 | $4,624,485.40 |
Year 2 Quarter 4 | $9,957,303.49 | $4,289,652.64 |
Year 3 Quarter 1 | $4,460,748.86 | $4,460,748.86 |
Year 3 Quarter 2 | $4,411,729.65 | $4,411,729.65 |
Year 3 Quarter 3 | $4,509,768.08 | $4,509,768.08 |
Year 3 Quarter 4 | $4,509,768.08 | $4,509,768.08 |
Year 4 Quarter 1 | $4,460,748.86 | $4,460,748.86 |
Year 4 Quarter 2 | $4,411,729.65 | $4,411,729.65 |
Year 4 Quarter 3 | $4,509,768.08 | $4,509,768.08 |
Year 4 Quarter 4 | $4,509,768.08 | $4,509,768.08 |
Year 5 Quarter 1 | $4,460,748.86 | $4,460,748.86 |
Year 5 Quarter 2 | $4,411,729.65 | $4,411,729.65 |
Year 5 Quarter 3 | $4,509,768.08 | $4,509,768.08 |
Year 5 Quarter 4 | $151,567,422.95 | $4,509,768.08 |
Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Detail – Mountain Pass site | Stipulated Loss Values | |||||||||||||||||||||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
517 | 20419 | - SRU A800 Brine Evaporation Package | 12,189,000 | 17,749,314 | 17,971,180 | 18,200,812 | 18,433,378 | 17,355,297 | 17,574,649 | 17,799,213 | 18,026,648 | 16,793,580 | 17,003,500 | 17,220,766 | 17,440,810 | 16,009,988 | 16,210,113 | 16,417,242 | 16,627,018 | 15,553,614 | 15,748,034 | 15,949,259 | 15,682,578 | |||||||||||||||||||
504 | 20406 | - SRU A200 Brine Treatment | 10,982,000 | 15,991,711 | 16,191,607 | 16,398,500 | 16,608,036 | 15,636,711 | 15,834,342 | 16,036,669 | 16,241,582 | 15,130,617 | 15,319,750 | 15,515,502 | 15,713,756 | 14,424,619 | 14,604,927 | 14,791,546 | 14,980,549 | 14,013,437 | 14,188,605 | 14,369,904 | 14,129,631 | |||||||||||||||||||
525 | 20428 | - Brine Recovery | 10,696,000 | 15,575,245 | 15,769,935 | 15,971,440 | 16,175,520 | 15,229,490 | 15,421,974 | 15,619,033 | 15,818,609 | 14,736,576 | 14,920,784 | 15,111,438 | 15,304,529 | 14,048,965 | 14,224,577 | 14,406,335 | 14,590,416 | 13,648,491 | 13,819,097 | 13,995,674 | 13,761,658 | |||||||||||||||||||
399 | 20300 | - WATER TREATMENT Reverse Osmosis Skids | 9,455,000 | 13,768,132 | 13,940,234 | 14,118,359 | 14,298,760 | 13,462,493 | 13,632,644 | 13,806,839 | 13,983,260 | 13,026,770 | 13,189,604 | 13,358,138 | 13,528,826 | 12,418,938 | 12,574,175 | 12,734,845 | 12,897,568 | 12,064,929 | 12,215,741 | 12,371,831 | 12,164,966 | |||||||||||||||||||
505 | 20407 | - SRU A300 Electrolysis/cell/Xformer Electroylzer A | 8,246,000 | 12,007,617 | 12,157,712 | 12,313,061 | 12,470,394 | 11,741,060 | 11,889,454 | 12,041,375 | 12,195,237 | 11,361,052 | 11,503,065 | 11,650,048 | 11,798,910 | 10,830,943 | 10,966,329 | 11,106,455 | 11,248,370 | 10,522,200 | 10,653,728 | 10,789,859 | 10,609,446 | |||||||||||||||||||
311 | 20205 | - CHP Turbines | 7,973,000 | 11,610,081 | 11,755,207 | 11,905,412 | 12,057,537 | 11,352,349 | 11,495,830 | 11,642,721 | 11,791,489 | 10,984,922 | 11,122,233 | 11,264,351 | 11,408,284 | 10,472,363 | 10,603,267 | 10,738,754 | 10,875,971 | 10,173,842 | 10,301,015 | 10,432,639 | 10,258,199 | |||||||||||||||||||
522 | 20424 | - SRU A850 Utilities | 4,348,000 | 6,331,448 | 6,410,591 | 6,492,504 | 6,575,464 | 6,190,896 | 6,269,142 | 6,349,248 | 6,430,377 | 5,990,523 | 6,065,405 | 6,142,907 | 6,221,400 | 5,711,004 | 5,782,391 | 5,856,278 | 5,931,108 | 5,548,209 | 5,617,561 | 5,689,341 | 5,594,212 | |||||||||||||||||||
513 | 20415 | - SRU A500 HCL Synthesis / Storage HCLSynthesis Unit | 4,202,000 | 6,118,846 | 6,195,332 | 6,274,494 | 6,354,668 | 5,983,014 | 6,058,633 | 6,136,048 | 6,214,454 | 5,789,369 | 5,861,736 | 5,936,636 | 6,012,493 | 5,519,236 | 5,588,227 | 5,659,632 | 5,731,949 | 5,361,907 | 5,428,931 | 5,498,301 | 5,406,366 | |||||||||||||||||||
312 | 20206 | - CHP HRSGs | 4,137,000 | 6,024,195 | 6,099,497 | 6,177,435 | 6,256,369 | 5,890,464 | 5,964,913 | 6,041,131 | 6,118,323 | 5,699,815 | 5,771,062 | 5,844,804 | 5,919,487 | 5,433,860 | 5,501,783 | 5,572,084 | 5,643,283 | 5,278,965 | 5,344,952 | 5,413,248 | 5,322,736 | |||||||||||||||||||
484 | 20386 | - CHP Phase 2 Turbine | 3,929,000 | 5,721,310 | 5,792,827 | 5,866,846 | 5,941,812 | 5,594,303 | 5,665,009 | 5,737,395 | 5,810,706 | 5,413,239 | 5,480,905 | 5,550,939 | 5,621,867 | 5,160,656 | 5,225,165 | 5,291,931 | 5,359,550 | 5,013,549 | 5,076,218 | 5,141,081 | 5,055,119 | |||||||||||||||||||
283 | 20177 | - CRUSHER & MOBILE TRUCK - MP | 3,186,000 | 4,639,373 | 4,697,365 | 4,757,387 | 4,818,176 | 4,536,383 | 4,593,718 | 4,652,416 | 4,711,863 | 4,389,560 | 4,444,429 | 4,501,219 | 4,558,735 | 4,184,742 | 4,237,051 | 4,291,191 | 4,346,023 | 4,065,454 | 4,116,272 | 4,168,869 | 4,099,163 | |||||||||||||||||||
407 | 20308 | - WATER TREATMENT Multiple Equipment | 3,173,000 | 4,620,442 | 4,678,198 | 4,737,975 | 4,798,516 | 4,517,873 | 4,574,974 | 4,633,432 | 4,692,637 | 4,371,649 | 4,426,295 | 4,482,853 | 4,540,134 | 4,167,667 | 4,219,763 | 4,273,682 | 4,328,290 | 4,048,865 | 4,099,476 | 4,151,858 | 4,082,437 | |||||||||||||||||||
511 | 20413 | - SRU A400 Caustic Unit Caustic Evap Package PH1 | 3,192,000 | 4,648,110 | 4,706,211 | 4,766,346 | 4,827,249 | 4,544,926 | 4,602,369 | 4,661,177 | 4,720,737 | 4,397,826 | 4,452,799 | 4,509,696 | 4,567,320 | 4,192,623 | 4,245,031 | 4,299,273 | 4,354,208 | 4,073,110 | 4,124,024 | 4,176,720 | 4,106,882 | |||||||||||||||||||
331 | 20225 | - MILL Ball Mill | 2,703,000 | 3,936,040 | 3,985,241 | 4,036,163 | 4,087,736 | 3,848,664 | 3,897,307 | 3,947,106 | 3,997,541 | 3,724,099 | 3,770,651 | 3,818,831 | 3,867,627 | 3,550,332 | 3,594,711 | 3,640,644 | 3,687,163 | 3,449,128 | 3,492,242 | 3,536,865 | 3,477,726 | |||||||||||||||||||
515 | 20417 | - SRU A700 Bleach Plant/ Bleach Filtration Scrubber | 2,879,000 | 4,192,327 | 4,244,731 | 4,298,969 | 4,353,901 | 4,099,262 | 4,151,072 | 4,204,113 | 4,257,832 | 3,966,586 | 4,016,168 | 4,067,486 | 4,119,459 | 3,781,504 | 3,828,773 | 3,877,696 | 3,927,245 | 3,673,710 | 3,719,632 | 3,767,160 | 3,704,171 | |||||||||||||||||||
506 | 20408 | - SRU A300 Electrolysis/cell/Xformer Rectifer -A | 2,726,000 | 3,969,532 | 4,019,151 | 4,070,507 | 4,122,519 | 3,881,413 | 3,930,469 | 3,980,692 | 4,031,556 | 3,755,788 | 3,802,735 | 3,851,326 | 3,900,537 | 3,580,542 | 3,625,299 | 3,671,622 | 3,718,537 | 3,478,477 | 3,521,958 | 3,566,960 | 3,507,319 | |||||||||||||||||||
508 | 20410 | - SRU A300 Electrolysis/cell/Xformer Rectifier - B | 2,726,000 | 3,969,532 | 4,019,151 | 4,070,507 | 4,122,519 | 3,881,413 | 3,930,469 | 3,980,692 | 4,031,556 | 3,755,788 | 3,802,735 | 3,851,326 | 3,900,537 | 3,580,542 | 3,625,299 | 3,671,622 | 3,718,537 | 3,478,477 | 3,521,958 | 3,566,960 | 3,507,319 | |||||||||||||||||||
398 | 20299 | - WATER TREATMENT Weak Acid Cation Vessels | 2,526,000 | 3,678,297 | 3,724,276 | 3,771,864 | 3,820,060 | 3,596,643 | 3,642,100 | 3,688,638 | 3,735,771 | 3,480,235 | 3,523,738 | 3,568,763 | 3,614,364 | 3,317,846 | 3,359,319 | 3,402,244 | 3,445,717 | 3,223,269 | 3,263,560 | 3,305,261 | 3,249,995 | |||||||||||||||||||
486 | 20388 | - Mill & Flotation Elictrical & Instrumentation | 2,706,000 | 3,940,409 | 3,989,664 | 4,040,643 | 4,092,273 | 3,852,936 | 3,901,633 | 3,951,487 | 4,001,978 | 3,728,233 | 3,774,835 | 3,823,069 | 3,871,920 | 3,554,272 | 3,598,701 | 3,644,684 | 3,691,255 | 3,452,956 | 3,496,118 | 3,540,790 | 3,481,586 | |||||||||||||||||||
485 | 20387 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 2,525,000 | 3,676,841 | 3,722,802 | 3,770,371 | 3,818,548 | 3,595,219 | 3,640,659 | 3,687,178 | 3,734,292 | 3,478,857 | 3,522,343 | 3,567,351 | 3,612,933 | 3,316,533 | 3,357,990 | 3,400,897 | 3,444,353 | 3,221,993 | 3,262,268 | 3,303,953 | 3,248,709 | |||||||||||||||||||
397 | 20298 | - WATER TREATMENT Multimedia F1lters | 2,251,000 | 3,277,849 | 3,318,822 | 3,361,230 | 3,404,179 | 3,205,084 | 3,245,593 | 3,287,065 | 3,329,066 | 3,101,349 | 3,140,116 | 3,180,240 | 3,220,876 | 2,956,640 | 2,993,598 | 3,031,849 | 3,070,590 | 2,872,359 | 2,908,264 | 2,945,425 | 2,896,175 | |||||||||||||||||||
510 | 20412 | - SRU A300 Electrolysis/cell/Xformer | 1,891,000 | 2,753,626 | 2,788,047 | 2,823,672 | 2,859,752 | 2,692,499 | 2,726,529 | 2,761,368 | 2,796,652 | 2,605,354 | 2,637,921 | 2,671,628 | 2,705,765 | 2,483,788 | 2,514,835 | 2,546,969 | 2,579,514 | 2,412,986 | 2,443,148 | 2,474,366 | 2,432,993 | |||||||||||||||||||
1490 | 90002 | - CHP Phase 2 Turbine | 1,965,000 | 2,861,383 | 2,897,151 | 2,934,170 | 2,971,662 | 2,797,864 | 2,833,225 | 2,869,428 | 2,906,093 | 2,707,309 | 2,741,150 | 2,776,176 | 2,811,649 | 2,580,985 | 2,613,247 | 2,646,639 | 2,680,457 | 2,507,413 | 2,538,755 | 2,571,195 | 2,528,203 | |||||||||||||||||||
431 | 20332 | - SXI Heavies Separation MixerSettler | 1,216,000 | 1,770,708 | 1,792,842 | 1,815,751 | 1,838,952 | 1,731,401 | 1,753,284 | 1,775,687 | 1,798,376 | 1,675,362 | 1,696,304 | 1,717,979 | 1,739,931 | 1,597,190 | 1,617,155 | 1,637,818 | 1,658,746 | 1,551,661 | 1,571,057 | 1,591,131 | 1,564,527 | |||||||||||||||||||
348 | 20242 | - MILL Reagent System Flocculant System | 1,544,000 | 2,248,334 | 2,276,438 | 2,305,526 | 2,334,985 | 2,198,423 | 2,226,209 | 2,254,655 | 2,283,464 | 2,127,269 | 2,153,860 | 2,181,382 | 2,209,255 | 2,028,011 | 2,053,361 | 2,079,598 | 2,106,171 | 1,970,201 | 1,994,829 | 2,020,318 | 1,986,537 | |||||||||||||||||||
446 | 20347 | - SXI SXI MixerSettler | 1,136,000 | 1,654,214 | 1,674,892 | 1,696,294 | 1,717,968 | 1,617,493 | 1,637,936 | 1,658,865 | 1,680,062 | 1,565,141 | 1,584,706 | 1,604,955 | 1,625,462 | 1,492,111 | 1,510,763 | 1,530,067 | 1,549,618 | 1,449,578 | 1,467,698 | 1,486,452 | 1,461,597 | |||||||||||||||||||
396 | 20297 | - WATER TREATMENT Multiflo Clarifer | 1,385,000 | 2,016,802 | 2,042,012 | 2,068,104 | 2,094,530 | 1,972,031 | 1,996,955 | 2,022,472 | 2,048,315 | 1,908,205 | 1,932,057 | 1,956,745 | 1,981,748 | 1,819,168 | 1,841,907 | 1,865,443 | 1,889,279 | 1,767,311 | 1,789,403 | 1,812,267 | 1,781,965 | |||||||||||||||||||
340 | 20234 | - MILL Flotation Cells | 1,255,000 | 1,827,499 | 1,850,343 | 1,873,986 | 1,897,932 | 1,786,931 | 1,809,515 | 1,832,637 | 1,856,054 | 1,729,095 | 1,750,709 | 1,773,079 | 1,795,735 | 1,648,415 | 1,669,021 | 1,690,347 | 1,711,946 | 1,601,426 | 1,621,444 | 1,642,163 | 1,614,705 | |||||||||||||||||||
499 | 20401 | - SRU A100 Raw Brine | 1,258,000 | 1,831,868 | 1,854,766 | 1,878,466 | 1,902,469 | 1,791,202 | 1,813,841 | 1,837,018 | 1,860,491 | 1,733,229 | 1,754,894 | 1,777,318 | 1,800,028 | 1,652,356 | 1,673,010 | 1,694,388 | 1,716,038 | 1,605,254 | 1,625,320 | 1,646,088 | 1,618,565 | |||||||||||||||||||
519 | 20421 | - SRU A850 Utilities Cooling Tower | 1,186,000 | 1,727,023 | 1,748,611 | 1,770,954 | 1,793,583 | 1,688,685 | 1,710,028 | 1,731,879 | 1,754,008 | 1,634,030 | 1,654,455 | 1,675,595 | 1,697,006 | 1,557,785 | 1,577,258 | 1,597,411 | 1,617,823 | 1,513,380 | 1,532,297 | 1,551,876 | 1,525,928 | |||||||||||||||||||
496 | 20398 | - SRU A50 General 480 V MCC 1 | 1,177,000 | 1,713,918 | 1,735,342 | 1,757,515 | 1,779,973 | 1,675,870 | 1,697,052 | 1,718,736 | 1,740,698 | 1,621,630 | 1,641,900 | 1,662,880 | 1,684,128 | 1,545,964 | 1,565,289 | 1,585,289 | 1,605,546 | 1,501,895 | 1,520,669 | 1,540,100 | 1,514,349 | |||||||||||||||||||
1491 | 90003 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 886,000 | 1,290,171 | 1,306,298 | 1,322,990 | 1,339,894 | 1,261,530 | 1,277,475 | 1,293,798 | 1,310,330 | 1,220,700 | 1,235,959 | 1,251,752 | 1,267,746 | 1,163,742 | 1,178,289 | 1,193,345 | 1,208,593 | 1,130,569 | 1,144,701 | 1,159,328 | 1,139,943 |
Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Detail – Mountain Pass site | Stipulated Loss Values | |||||||||||||||||||||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
405 | 20306 | - WATER TREATMENT Motor Control Center | 763,000 | 1,111,061 | 1,124,950 | 1,139,324 | 1,153,882 | 1,086,397 | 1,100,128 | 1,114,185 | 1,128,422 | 1,051,235 | 1,064,375 | 1,077,976 | 1,091,750 | 1,002,184 | 1,014,711 | 1,027,677 | 1,040,808 | 973,616 | 985,786 | 998,383 | 981,689 | |||||||||||||||||||
402 | 20303 | - WATER TREATMENT Chemical Feed Skids | 740,000 | 1,077,569 | 1,091,039 | 1,104,980 | 1,119,099 | 1,053,648 | 1,066,965 | 1,080,599 | 1,094,406 | 1,019,546 | 1,032,291 | 1,045,481 | 1,058,840 | 971,974 | 984,124 | 996,699 | 1,009,434 | 944,267 | 956,071 | 968,287 | 952,097 | |||||||||||||||||||
432 | 20333 | - SXI SXH MixerSettler 2 | 536,000 | 780,510 | 790,266 | 800,364 | 810,591 | 763,183 | 772,829 | 782,704 | 792,705 | 738,482 | 747,713 | 757,267 | 766,943 | 704,024 | 712,825 | 721,933 | 731,158 | 683,956 | 692,505 | 701,354 | 689,627 | |||||||||||||||||||
282 | 20176 | - SD-2 CAT FRONT SHOVEL MODEL 6015 | 627,000 | 913,022 | 924,434 | 936,247 | 948,210 | 892,753 | 904,037 | 915,588 | 927,288 | 863,859 | 874,657 | 885,833 | 897,152 | 823,551 | 833,845 | 844,500 | 855,291 | 800,075 | 810,076 | 820,427 | 806,709 | |||||||||||||||||||
507 | 20409 | - SRU A300 Electrolysis/cell/Xformer Buss Bars - A | 707,000 | 1,029,516 | 1,042,384 | 1,055,704 | 1,069,193 | 1,006,661 | 1,019,384 | 1,032,410 | 1,045,602 | 974,080 | 986,256 | 998,858 | 1,011,621 | 928,629 | 940,237 | 952,251 | 964,419 | 902,158 | 913,435 | 925,107 | 909,638 | |||||||||||||||||||
284 | 20178 | - CRUSHER CONVEYOR | 535,000 | 779,053 | 788,792 | 798,871 | 809,078 | 761,759 | 771,387 | 781,244 | 791,226 | 737,104 | 746,318 | 755,854 | 765,513 | 702,711 | 711,495 | 720,586 | 729,794 | 682,680 | 691,213 | 700,045 | 688,340 | |||||||||||||||||||
526 | 20429 | - Brine Pipe Line fr Area 305 to Evap Pond | 692,000 | 1,007,673 | 1,020,269 | 1,033,306 | 1,046,509 | 985,304 | 997,757 | 1,010,506 | 1,023,418 | 953,414 | 965,331 | 977,666 | 990,158 | 908,927 | 920,289 | 932,048 | 943,957 | 883,018 | 894,055 | 905,479 | 890,339 | |||||||||||||||||||
494 | 20396 | - SRU A50 General Unit Sub Station | 659,000 | 959,619 | 971,614 | 984,029 | 996,603 | 938,317 | 950,176 | 962,317 | 974,613 | 907,947 | 919,297 | 931,043 | 942,940 | 865,582 | 876,402 | 887,600 | 898,942 | 840,908 | 851,420 | 862,299 | 847,881 | |||||||||||||||||||
317 | 20211 | - CHP Diesel Generator | 637,000 | 927,583 | 939,178 | 951,179 | 963,333 | 906,992 | 918,455 | 930,191 | 942,077 | 877,636 | 888,607 | 899,961 | 911,461 | 836,686 | 847,144 | 857,969 | 868,932 | 812,836 | 822,996 | 833,512 | 819,575 | |||||||||||||||||||
509 | 20411 | - SRU A300 Electrolysis/cell/Xformer Chlorate Reacto | 557,000 | 811,089 | 821,228 | 831,721 | 842,349 | 793,084 | 803,108 | 813,370 | 823,763 | 767,415 | 777,008 | 786,936 | 796,992 | 731,607 | 740,753 | 750,218 | 759,804 | 710,753 | 719,637 | 728,832 | 716,646 | |||||||||||||||||||
338 | 20232 | - MILL Tailings Filter Press Conc Filter Press | 303,000 | 441,221 | 446,736 | 452,444 | 458,226 | 431,426 | 436,879 | 442,461 | 448,115 | 417,463 | 422,681 | 428,082 | 433,552 | 397,984 | 402,959 | 408,108 | 413,322 | 386,639 | 391,472 | 396,474 | 389,845 | |||||||||||||||||||
298 | 20192 | - CRUSHER ALLOCATION MP | 493,000 | 717,894 | 726,868 | 736,156 | 745,562 | 701,958 | 710,830 | 719,912 | 729,111 | 679,238 | 687,729 | 696,516 | 705,416 | 647,545 | 655,639 | 664,017 | 672,501 | 629,086 | 636,950 | 645,089 | 634,302 | |||||||||||||||||||
403 | 20304 | - WATER TREATMENT FRP Tanks | 504,000 | 733,912 | 743,086 | 752,581 | 762,197 | 717,620 | 726,690 | 735,975 | 745,379 | 694,394 | 703,074 | 712,057 | 721,156 | 661,993 | 670,268 | 678,833 | 687,507 | 643,123 | 651,162 | 659,482 | 648,455 | |||||||||||||||||||
448 | 20349 | - SXI FRP Tanks | 459,000 | 668,384 | 676,739 | 685,386 | 694,144 | 653,547 | 661,807 | 670,263 | 678,828 | 632,394 | 640,299 | 648,481 | 656,767 | 602,887 | 610,423 | 618,222 | 626,122 | 585,701 | 593,022 | 600,600 | 590,557 | |||||||||||||||||||
447 | 20348 | - SXI FRP Tanks | 437,000 | 636,348 | 644,303 | 652,535 | 660,873 | 622,222 | 630,086 | 638,137 | 646,291 | 602,083 | 609,609 | 617,399 | 625,288 | 573,990 | 581,165 | 588,591 | 596,112 | 557,628 | 564,598 | 571,813 | 562,252 | |||||||||||||||||||
321 | 20215 | - CHP Load Banks | 425,000 | 618,874 | 626,610 | 634,617 | 642,726 | 605,136 | 612,784 | 620,614 | 628,544 | 585,550 | 592,870 | 600,445 | 608,117 | 558,228 | 565,206 | 572,428 | 579,743 | 542,316 | 549,095 | 556,111 | 546,812 | |||||||||||||||||||
514 | 20416 | - SRU A500 HCL Synthesis / Storage | 434,000 | 631,980 | 639,880 | 648,056 | 656,337 | 617,951 | 625,761 | 633,757 | 641,855 | 597,950 | 605,424 | 613,160 | 620,995 | 570,050 | 577,175 | 584,550 | 592,019 | 553,800 | 560,723 | 567,887 | 558,392 | |||||||||||||||||||
521 | 20423 | - SRU A850 Utilities SRU Waste Collection Tank | 444,000 | 646,542 | 654,623 | 662,988 | 671,459 | 632,189 | 640,179 | 648,359 | 656,644 | 611,728 | 619,374 | 627,289 | 635,304 | 583,184 | 590,474 | 598,019 | 605,660 | 566,560 | 573,642 | 580,972 | 571,258 | |||||||||||||||||||
297 | 20191 | - CRUSHER-MECH & ELECT MP | 339,000 | 493,643 | 499,814 | 506,200 | 512,668 | 482,685 | 488,785 | 495,031 | 501,356 | 467,062 | 472,901 | 478,943 | 485,063 | 445,269 | 450,835 | 456,596 | 462,430 | 432,577 | 437,984 | 443,580 | 436,163 | |||||||||||||||||||
498 | 20400 | - SRU A100 Raw Brine Saturator | 378,000 | 550,434 | 557,314 | 564,436 | 571,648 | 538,215 | 545,017 | 551,982 | 559,035 | 520,795 | 527,305 | 534,043 | 540,867 | 496,495 | 502,701 | 509,124 | 515,630 | 482,342 | 488,371 | 494,612 | 486,341 | |||||||||||||||||||
502 | 20404 | - SRU A200 Brine Treatment Filtered Brine Tank | 387,000 | 563,540 | 570,584 | 577,875 | 585,259 | 551,030 | 557,994 | 565,124 | 572,345 | 533,195 | 539,860 | 546,758 | 553,745 | 508,316 | 514,670 | 521,246 | 527,907 | 493,826 | 499,999 | 506,388 | 497,921 | |||||||||||||||||||
503 | 20405 | - SRU A200 Brine Treatment Polished Brine Tank | 386,000 | 562,083 | 569,109 | 576,381 | 583,746 | 549,606 | 556,552 | 563,664 | 570,866 | 531,817 | 538,465 | 545,345 | 552,314 | 507,003 | 513,340 | 519,900 | 526,543 | 492,550 | 498,707 | 505,079 | 496,634 | |||||||||||||||||||
520 | 20422 | - SRU A850 Utilities Paste Tails Collection Tank | 346,000 | 503,836 | 510,134 | 516,653 | 523,254 | 492,652 | 498,878 | 505,253 | 511,709 | 476,707 | 482,666 | 488,833 | 495,079 | 454,464 | 460,144 | 466,024 | 471,979 | 441,509 | 447,028 | 452,740 | 445,170 | |||||||||||||||||||
500 | 20402 | - SRU A200 Brine Treatment Precip 2 Tank # 1 | 343,000 | 499,468 | 505,711 | 512,173 | 518,718 | 488,380 | 494,553 | 500,872 | 507,272 | 472,573 | 478,481 | 484,595 | 490,787 | 450,523 | 456,155 | 461,983 | 467,886 | 437,681 | 443,152 | 448,814 | 441,310 | |||||||||||||||||||
495 | 20397 | - SRU A50 General Switch Gear | 341,000 | 496,556 | 502,763 | 509,187 | 515,693 | 485,533 | 491,669 | 497,952 | 504,314 | 469,818 | 475,691 | 481,769 | 487,925 | 447,896 | 453,495 | 459,289 | 465,158 | 435,129 | 440,568 | 446,197 | 438,736 | |||||||||||||||||||
518 | 20420 | - SRU A800 Brine Evaporation | 315,000 | 458,695 | 464,429 | 470,363 | 476,373 | 448,512 | 454,181 | 459,985 | 465,862 | 433,996 | 439,421 | 445,036 | 450,722 | 413,746 | 418,918 | 424,270 | 429,692 | 401,952 | 406,976 | 412,176 | 405,284 | |||||||||||||||||||
497 | 20399 | SRU A50 General Switch , Rectifiers | 320,000 | 465,976 | 471,801 | 477,829 | 483,935 | 455,632 | 461,390 | 467,286 | 473,257 | 440,885 | 446,396 | 452,100 | 457,877 | 420,313 | 425,567 | 431,005 | 436,512 | 408,332 | 413,436 | 418,719 | 411,718 | |||||||||||||||||||
501 | 20403 | SRU A200 Brine Treatment Precip Tank #2 | 311,000 | 452,870 | 458,531 | 464,390 | 470,324 | 442,817 | 448,414 | 454,144 | 459,946 | 428,485 | 433,841 | 439,385 | 444,999 | 408,492 | 413,598 | 418,883 | 424,235 | 396,847 | 401,808 | 406,942 | 400,138 | |||||||||||||||||||
512 | 20414 | SRU A400 Caustic Unit | 296,000 | 431,028 | 436,416 | 441,992 | 447,640 | 421,459 | 426,786 | 432,239 | 437,763 | 407,818 | 412,916 | 418,192 | 423,536 | 388,790 | 393,649 | 398,679 | 403,774 | 377,707 | 382,428 | 387,315 | 380,839 | |||||||||||||||||||
434 | 20335 | SXI FRP Tanks | 291,000 | 423,747 | 429,044 | 434,526 | 440,078 | 414,340 | 419,577 | 424,938 | 430,368 | 400,930 | 405,941 | 411,128 | 416,382 | 382,222 | 387,000 | 391,945 | 396,953 | 371,327 | 375,968 | 380,772 | 374,406 | |||||||||||||||||||
395 | 20296 | WATER TREATMENT Filter Press | 158,000 | 230,076 | 232,952 | 235,928 | 238,943 | 224,968 | 227,812 | 230,722 | 233,671 | 217,687 | 220,408 | 223,224 | 226,077 | 207,530 | 210,124 | 212,809 | 215,528 | 201,614 | 204,134 | 206,742 | 203,286 | |||||||||||||||||||
406 | 20307 | WATER TREATMENT PLC | 142,000 | 206,777 | 209,362 | 212,037 | 214,746 | 202,187 | 204,742 | 207,358 | 210,008 | 195,643 | 198,088 | 200,619 | 203,183 | 186,514 | 188,845 | 191,258 | 193,702 | 181,197 | 183,462 | 185,806 | 182,700 |
Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Detail – Mountain Pass site | Stipulated Loss Values | |||||||||||||||||||||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
316 | 20210 | CHP Centrifugal Chillers | 239,000 | 348,026 | 352,376 | 356,879 | 361,439 | 340,300 | 344,601 | 349,004 | 353,464 | 329,286 | 333,402 | 337,662 | 341,977 | 313,921 | 317,845 | 321,907 | 326,020 | 304,973 | 308,785 | 312,731 | 307,502 | |||||||||||||||||||
435 | 20336 | SXI FRP Tanks | 239,000 | 348,026 | 352,376 | 356,879 | 361,439 | 340,300 | 344,601 | 349,004 | 353,464 | 329,286 | 333,402 | 337,662 | 341,977 | 313,921 | 317,845 | 321,907 | 326,020 | 304,973 | 308,785 | 312,731 | 307,502 | |||||||||||||||||||
351 | 20246 | MILL Other Sump Pump Tank | 232,000 | 337,833 | 342,055 | 346,426 | 350,853 | 330,333 | 334,508 | 338,782 | 343,111 | 319,642 | 323,637 | 327,772 | 331,961 | 304,727 | 308,536 | 312,478 | 316,471 | 296,041 | 299,741 | 303,571 | 298,495 | |||||||||||||||||||
400 | 20301 | WATER TREATMENT Clean -in-place Skids | 194,000 | 282,498 | 286,029 | 289,684 | 293,385 | 276,227 | 279,718 | 283,292 | 286,912 | 267,286 | 270,628 | 274,086 | 277,588 | 254,815 | 258,000 | 261,297 | 264,635 | 247,551 | 250,646 | 253,848 | 249,604 | |||||||||||||||||||
339 | 20233 | MILL Concentrate Thickener | 199,000 | 289,779 | 293,401 | 297,150 | 300,947 | 283,346 | 286,927 | 290,593 | 294,307 | 274,175 | 277,602 | 281,150 | 284,742 | 261,382 | 264,649 | 268,031 | 271,456 | 253,931 | 257,105 | 260,391 | 256,037 | |||||||||||||||||||
401 | 20302 | WATER TREATMENT Sludge Clarifier | 172,000 | 250,462 | 253,593 | 256,833 | 260,115 | 244,902 | 247,997 | 251,166 | 254,376 | 236,976 | 239,938 | 243,004 | 246,109 | 225,918 | 228,742 | 231,665 | 234,625 | 219,478 | 222,222 | 225,061 | 221,298 | |||||||||||||||||||
332 | 20226 | MILL Bridge Crane | 175,000 | 254,831 | 258,016 | 261,313 | 264,652 | 249,174 | 252,323 | 255,547 | 258,812 | 241,109 | 244,123 | 247,242 | 250,401 | 229,859 | 232,732 | 235,706 | 238,718 | 223,306 | 226,098 | 228,987 | 225,158 | |||||||||||||||||||
334 | 20228 | MILL Crushing Systems | 167,000 | 243,181 | 246,221 | 249,367 | 252,553 | 237,783 | 240,788 | 243,865 | 246,981 | 230,087 | 232,963 | 235,940 | 238,954 | 219,351 | 222,093 | 224,931 | 227,805 | 213,098 | 215,762 | 218,519 | 214,865 | |||||||||||||||||||
343 | 20237 | MILL Tank Agitator, Flotation | 132,000 | 192,215 | 194,618 | 197,105 | 199,623 | 187,948 | 190,324 | 192,755 | 195,218 | 181,865 | 184,138 | 186,491 | 188,874 | 173,379 | 175,546 | 177,789 | 180,061 | 168,437 | 170,542 | 172,721 | 169,833 | |||||||||||||||||||
404 | 20305 | WATER TREATMENT Bolted Steel Tanks | 166,000 | 241,725 | 244,747 | 247,874 | 251,041 | 236,359 | 239,346 | 242,405 | 245,502 | 228,709 | 231,568 | 234,527 | 237,524 | 218,037 | 220,763 | 223,584 | 226,441 | 211,822 | 214,470 | 217,210 | 213,578 | |||||||||||||||||||
313 | 20207 | CHP Boiler Feedwater Pumps | 118,000 | 171,829 | 173,976 | 176,200 | 178,451 | 168,014 | 170,138 | 172,312 | 174,513 | 162,576 | 164,608 | 166,712 | 168,842 | 154,990 | 156,928 | 158,933 | 160,964 | 150,572 | 152,455 | 154,403 | 151,821 | |||||||||||||||||||
315 | 20209 | CHP Deaerator | 117,000 | 170,372 | 172,502 | 174,706 | 176,939 | 166,590 | 168,696 | 170,851 | 173,035 | 161,199 | 163,214 | 165,299 | 167,411 | 153,677 | 155,598 | 157,586 | 159,600 | 149,296 | 151,163 | 153,094 | 150,534 | |||||||||||||||||||
492 | 20394 | Mill Lab Equip | 116,000 | 168,916 | 171,028 | 173,213 | 175,426 | 165,166 | 167,254 | 169,391 | 171,556 | 159,821 | 161,819 | 163,886 | 165,980 | 152,363 | 154,268 | 156,239 | 158,236 | 148,020 | 149,871 | 151,786 | 149,248 | |||||||||||||||||||
345 | 20239 | MILL Ball Mill & Mill Feed Slurry Pumps | 110,000 | 160,179 | 162,181 | 164,254 | 166,353 | 156,623 | 158,603 | 160,630 | 162,682 | 151,554 | 153,449 | 155,409 | 157,395 | 144,483 | 146,289 | 148,158 | 150,051 | 140,364 | 142,119 | 143,935 | 141,528 | |||||||||||||||||||
346 | 20240 | MILL Mill Flotation Sump Pumps | 106,000 | 154,355 | 156,284 | 158,281 | 160,303 | 150,928 | 152,836 | 154,788 | 156,766 | 146,043 | 147,869 | 149,758 | 151,672 | 139,229 | 140,969 | 142,770 | 144,595 | 135,260 | 136,951 | 138,701 | 136,381 | |||||||||||||||||||
342 | 20236 | MILL Froth Pumps | 104,000 | 151,442 | 153,335 | 155,294 | 157,279 | 148,080 | 149,952 | 151,868 | 153,808 | 143,288 | 145,079 | 146,932 | 148,810 | 136,602 | 138,309 | 140,077 | 141,866 | 132,708 | 134,367 | 136,084 | 133,808 | |||||||||||||||||||
449 | 20350 | SXI Mag Drive Pumps | 101,000 | 147,074 | 148,912 | 150,815 | 152,742 | 143,809 | 145,626 | 147,487 | 149,372 | 139,154 | 140,894 | 142,694 | 144,517 | 132,661 | 134,320 | 136,036 | 137,774 | 128,880 | 130,491 | 132,158 | 129,948 | |||||||||||||||||||
318 | 20212 | CHP Cooling Towers | 102,000 | 148,530 | 150,386 | 152,308 | 154,254 | 145,233 | 147,068 | 148,947 | 150,851 | 140,532 | 142,289 | 144,107 | 145,948 | 133,975 | 135,649 | 137,383 | 139,138 | 130,156 | 131,783 | 133,467 | 131,235 | |||||||||||||||||||
309 | 20203 | CHP Epoxy Coated Treated Water Tank | 83,000 | 120,863 | 122,373 | 123,937 | 125,521 | 118,179 | 119,673 | 121,202 | 122,751 | 114,355 | 115,784 | 117,263 | 118,762 | 109,019 | 110,381 | 111,792 | 113,220 | 105,911 | 107,235 | 108,605 | 106,789 | |||||||||||||||||||
307 | 20201 | CHP Condensate Storage Tank | 70,000 | 101,932 | 103,206 | 104,525 | 105,861 | 99,669 | 100,929 | 102,219 | 103,525 | 96,444 | 97,649 | 98,897 | 100,161 | 91,943 | 93,093 | 94,282 | 95,487 | 89,323 | 90,439 | 91,595 | 90,063 | |||||||||||||||||||
341 | 20235 | MILL Flotation Blowers | 60,000 | 87,370 | 88,463 | 89,593 | 90,738 | 85,431 | 86,511 | 87,616 | 88,736 | 82,666 | 83,699 | 84,769 | 85,852 | 78,809 | 79,794 | 80,813 | 81,846 | 76,562 | 77,519 | 78,510 | 77,197 | |||||||||||||||||||
437 | 20338 | SXI Used Heat Exchanger | 58,000 | 84,458 | 85,514 | 86,607 | 87,713 | 82,583 | 83,627 | 84,696 | 85,778 | 79,910 | 80,909 | 81,943 | 82,990 | 76,182 | 77,134 | 78,120 | 79,118 | 74,010 | 74,935 | 75,893 | 74,624 | |||||||||||||||||||
308 | 20202 | CHP Aqueous Ammonia Storage Tanks | 62,000 | 90,283 | 91,411 | 92,579 | 93,762 | 88,279 | 89,394 | 90,537 | 91,694 | 85,421 | 86,489 | 87,594 | 88,714 | 81,436 | 82,454 | 83,507 | 84,574 | 79,114 | 80,103 | 81,127 | 79,770 | |||||||||||||||||||
350 | 20245 | MILL Concentrate Water Screw Feeder | 54,000 | 78,633 | 79,616 | 80,634 | 81,664 | 76,888 | 77,860 | 78,855 | 79,862 | 74,399 | 75,329 | 76,292 | 77,267 | 70,928 | 71,814 | 72,732 | 73,661 | 68,906 | 69,767 | 70,659 | 69,477 | |||||||||||||||||||
436 | 20337 | SXI Mag Drive Pumps | 48,000 | 69,896 | 70,770 | 71,674 | 72,590 | 68,345 | 69,209 | 70,093 | 70,989 | 66,133 | 66,959 | 67,815 | 68,682 | 63,047 | 63,835 | 64,651 | 65,477 | 61,250 | 62,015 | 62,808 | 61,758 | |||||||||||||||||||
523 | 20425 | SRU Metrohm Autotitrator | 43,000 | 62,616 | 63,398 | 64,208 | 65,029 | 61,226 | 61,999 | 62,792 | 63,594 | 59,244 | 59,984 | 60,751 | 61,527 | 56,480 | 57,186 | 57,916 | 58,656 | 54,870 | 55,555 | 56,265 | 55,325 | |||||||||||||||||||
352 | 20247 | MILL Air Receivers | 40,000 | 58,247 | 58,975 | 59,729 | 60,492 | 56,954 | 57,674 | 58,411 | 59,157 | 55,111 | 55,799 | 56,512 | 57,235 | 52,539 | 53,196 | 53,876 | 54,564 | 51,041 | 51,679 | 52,340 | 51,465 | |||||||||||||||||||
516 | 20418 | SRU A700 Bleach Plant/ Bleach Filtration | 42,000 | 61,159 | 61,924 | 62,715 | 63,516 | 59,802 | 60,557 | 61,331 | 62,115 | 57,866 | 58,589 | 59,338 | 60,096 | 55,166 | 55,856 | 56,569 | 57,292 | 53,594 | 54,263 | 54,957 | 54,038 | |||||||||||||||||||
333 | 20227 | MILL Ball Mill Cyclone System | 38,000 | 55,335 | 56,026 | 56,742 | 57,467 | 54,106 | 54,790 | 55,490 | 56,199 | 52,355 | 53,010 | 53,687 | 54,373 | 49,912 | 50,536 | 51,182 | 51,836 | 48,489 | 49,096 | 49,723 | 48,891 | |||||||||||||||||||
336 | 20230 | MILL Ball Mill Sump Pump Tank | 40,000 | 58,247 | 58,975 | 59,729 | 60,492 | 56,954 | 57,674 | 58,411 | 59,157 | 55,111 | 55,799 | 56,512 | 57,235 | 52,539 | 53,196 | 53,876 | 54,564 | 51,041 | 51,679 | 52,340 | 51,465 | |||||||||||||||||||
549 | 20452 | Mill Misc Equipments Improvements | 38,000 | 55,335 | 56,026 | 56,742 | 57,467 | 54,106 | 54,790 | 55,490 | 56,199 | 52,355 | 53,010 | 53,687 | 54,373 | 49,912 | 50,536 | 51,182 | 51,836 | 48,489 | 49,096 | 49,723 | 48,891 | |||||||||||||||||||
1461 | 60841 | Rockwell Automation - CIP | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 41,410 | 38,577 | 39,060 | 39,559 | 40,064 | 36,777 | 37,237 | 37,713 | 38,195 | 35,729 | 36,176 | 36,638 | 36,025 | |||||||||||||||||||
452 | 20353 | SXI Heat Exchangers | 32,000 | 46,598 | 47,180 | 47,783 | 48,393 | 45,563 | 46,139 | 46,729 | 47,326 | 44,088 | 44,640 | 45,210 | 45,788 | 42,031 | 42,557 | 43,100 | 43,651 | 40,833 | 41,344 | 41,872 | 41,172 | |||||||||||||||||||
543 | 20446 | SRU CA Back-up Air Compressor | 34,000 | 49,510 | 50,129 | 50,769 | 51,418 | 48,411 | 49,023 | 49,649 | 50,284 | 46,844 | 47,430 | 48,036 | 48,649 | 44,658 | 45,216 | 45,794 | 46,379 | 43,385 | 43,928 | 44,489 | 43,745 | |||||||||||||||||||
349 | 20243 | MILL Reclaim Water Pumps | 30,000 | 43,685 | 44,231 | 44,796 | 45,369 | 42,715 | 43,255 | 43,808 | 44,368 | 41,333 | 41,850 | 42,384 | 42,926 | 39,404 | 39,897 | 40,407 | 40,923 | 38,281 | 38,760 | 39,255 | 38,599 | |||||||||||||||||||
319 | 20213 | CHP Water Filtration System | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 41,410 | 38,577 | 39,060 | 39,559 | 40,064 | 36,777 | 37,237 | 37,713 | 38,195 | 35,729 | 36,176 | 36,638 | 36,025 | |||||||||||||||||||
524 | 20426 | GC Carle 400 | 30,000 | 43,685 | 44,231 | 44,796 | 45,369 | 42,715 | 43,255 | 43,808 | 44,368 | 41,333 | 41,850 | 42,384 | 42,926 | 39,404 | 39,897 | 40,407 | 40,923 | 38,281 | 38,760 | 39,255 | 38,599 | |||||||||||||||||||
344 | 20238 | MILL Concentrate Thickener Underflow Pumps | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 41,410 | 38,577 | 39,060 | 39,559 | 40,064 | 36,777 | 37,237 | 37,713 | 38,195 | 35,729 | 36,176 | 36,638 | 36,025 | |||||||||||||||||||
347 | 20241 | MILL Pumps: Wash Water, Filtrate, Overflow | 27,000 | 39,317 | 39,808 | 40,317 | 40,832 | 38,444 | 38,930 | 39,427 | 39,931 | 37,200 | 37,665 | 38,146 | 38,633 | 35,464 | 35,907 | 36,366 | 36,831 | 34,453 | 34,884 | 35,329 | 34,739 |
Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||||||||||||||||||||
Detail – Mountain Pass site | Stipulated Loss Values | |||||||||||||||||||||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |||||||||||||||||||
353 | 20248 | MILL Indoor Gas Unit Heaters | 22,000 | 32,036 | 32,436 | 32,851 | 33,271 | 31,325 | 31,721 | 32,126 | 32,536 | 30,311 | 30,690 | 31,082 | 31,479 | 28,897 | 29,258 | 29,632 | 30,010 | 28,073 | 28,424 | 28,787 | 28,306 | |||||||||||||||||||
441 | 20342 | SXI Scrubber Blower | 19,000 | 27,667 | 28,013 | 28,371 | 28,734 | 27,053 | 27,395 | 27,745 | 28,100 | 26,178 | 26,505 | 26,843 | 27,186 | 24,956 | 25,268 | 25,591 | 25,918 | 24,245 | 24,548 | 24,861 | 24,446 | |||||||||||||||||||
337 | 20231 | MILL Ball Mill Disconnect Switch | 20,000 | 29,123 | 29,488 | 29,864 | 30,246 | 28,477 | 28,837 | 29,205 | 29,579 | 27,555 | 27,900 | 28,256 | 28,617 | 26,270 | 26,598 | 26,938 | 27,282 | 25,521 | 25,840 | 26,170 | 25,732 | |||||||||||||||||||
530 | 20433 | Mobile Pump Skid | 16,000 | 23,299 | 23,590 | 23,891 | 24,197 | 22,782 | 23,070 | 23,364 | 23,663 | 22,044 | 22,320 | 22,605 | 22,894 | 21,016 | 21,278 | 21,550 | 21,826 | 20,417 | 20,672 | 20,936 | 20,586 | |||||||||||||||||||
330 | 20224 | MILL Switches | 13,000 | 18,930 | 19,167 | 19,412 | 19,660 | 18,510 | 18,744 | 18,983 | 19,226 | 17,911 | 18,135 | 18,367 | 18,601 | 17,075 | 17,289 | 17,510 | 17,733 | 16,588 | 16,796 | 17,010 | 16,726 | |||||||||||||||||||
451 | 20352 | SXI Sump Pumps | 11,000 | 16,018 | 16,218 | 16,425 | 16,635 | 15,662 | 15,860 | 16,063 | 16,268 | 15,155 | 15,345 | 15,541 | 15,740 | 14,448 | 14,629 | 14,816 | 15,005 | 14,036 | 14,212 | 14,393 | 14,153 | |||||||||||||||||||
335 | 20229 | MILL Mill Flotation Sump Pumps | 10,000 | 14,562 | 14,744 | 14,932 | 15,123 | 14,238 | 14,418 | 14,603 | 14,789 | 13,778 | 13,950 | 14,128 | 14,309 | 13,135 | 13,299 | 13,469 | 13,641 | 12,760 | 12,920 | 13,085 | 12,866 | |||||||||||||||||||
444 | 20345 | SXI Charcoal Absorption Columns | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 10,352 | 9,644 | 9,765 | 9,890 | 10,016 | 9,194 | 9,309 | 9,428 | 9,549 | 8,932 | 9,044 | 9,159 | 9,006 | |||||||||||||||||||
314 | 20208 | CHP Boiler Feedwater Pumps Piping | 8,000 | 11,649 | 11,795 | 11,946 | 12,098 | 11,391 | 11,535 | 11,682 | 11,831 | 11,022 | 11,160 | 11,302 | 11,447 | 10,508 | 10,639 | 10,775 | 10,913 | 10,208 | 10,336 | 10,468 | 10,293 | |||||||||||||||||||
450 | 20351 | SXI Heat Exchangers | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 10,352 | 9,644 | 9,765 | 9,890 | 10,016 | 9,194 | 9,309 | 9,428 | 9,549 | 8,932 | 9,044 | 9,159 | 9,006 | |||||||||||||||||||
433 | 20334 | SXI SXH MixerSettler 2 | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,395 | 6,889 | 6,975 | 7,064 | 7,154 | 6,567 | 6,649 | 6,734 | 6,821 | 6,380 | 6,460 | 6,542 | 6,433 | |||||||||||||||||||
440 | 20341 | SXI One 2 Ton Capacity Electric Chain Hoist | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 10,352 | 9,644 | 9,765 | 9,890 | 10,016 | 9,194 | 9,309 | 9,428 | 9,549 | 8,932 | 9,044 | 9,159 | 9,006 | |||||||||||||||||||
354 | 20249 | MILL Seal Water Pumps | 6,000 | 8,737 | 8,846 | 8,959 | 9,074 | 8,543 | 8,651 | 8,762 | 8,874 | 8,267 | 8,370 | 8,477 | 8,585 | 7,881 | 7,979 | 8,081 | 8,185 | 7,656 | 7,752 | 7,851 | 7,720 | |||||||||||||||||||
541 | 20444 | - SXI Raff Organic Skim | 6,000 | 8,737 | 8,846 | 8,959 | 9,074 | 8,543 | 8,651 | 8,762 | 8,874 | 8,267 | 8,370 | 8,477 | 8,585 | 7,881 | 7,979 | 8,081 | 8,185 | 7,656 | 7,752 | 7,851 | 7,720 | |||||||||||||||||||
439 | 20340 | - SXI Refurbishing used heat exchangers | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,395 | 6,889 | 6,975 | 7,064 | 7,154 | 6,567 | 6,649 | 6,734 | 6,821 | 6,380 | 6,460 | 6,542 | 6,433 | |||||||||||||||||||
443 | 20344 | - SXI Sump Pumps | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,395 | 6,889 | 6,975 | 7,064 | 7,154 | 6,567 | 6,649 | 6,734 | 6,821 | 6,380 | 6,460 | 6,542 | 6,433 | |||||||||||||||||||
320 | 20214 | - CHP Seal Flush Plan | 4,000 | 5,825 | 5,898 | 5,973 | 6,049 | 5,695 | 5,767 | 5,841 | 5,916 | 5,511 | 5,580 | 5,651 | 5,723 | 5,254 | 5,320 | 5,388 | 5,456 | 5,104 | 5,168 | 5,234 | 5,146 | |||||||||||||||||||
438 | 20339 | - SXI Static Mixers for SXHSXI | 2,000 | 2,912 | 2,949 | 2,986 | 3,025 | 2,848 | 2,884 | 2,921 | 2,958 | 2,756 | 2,790 | 2,826 | 2,862 | 2,627 | 2,660 | 2,694 | 2,728 | 2,552 | 2,584 | 2,617 | 2,573 | |||||||||||||||||||
442 | 20343 | - SXI Heat Exchangers | 2,000 | 2,912 | 2,949 | 2,986 | 3,025 | 2,848 | 2,884 | 2,921 | 2,958 | 2,756 | 2,790 | 2,826 | 2,862 | 2,627 | 2,660 | 2,694 | 2,728 | 2,552 | 2,584 | 2,617 | 2,573 | |||||||||||||||||||
355 | 20251 | - MILL Filter Cloth | 1,000 | 1,456 | 1,474 | 1,493 | 1,512 | 1,424 | 1,442 | 1,460 | 1,479 | 1,378 | 1,395 | 1,413 | 1,431 | 1,313 | 1,330 | 1,347 | 1,364 | 1,276 | 1,292 | 1,308 | 1,287 | |||||||||||||||||||
445 | 20346 | - SXI Toe Plate Angle clips | 1,000 | 1,456 | 1,474 | 1,493 | 1,512 | 1,424 | 1,442 | 1,460 | 1,479 | 1,378 | 1,395 | 1,413 | 1,431 | 1,313 | 1,330 | 1,347 | 1,364 | 1,276 | 1,292 | 1,308 | 1,287 | |||||||||||||||||||
139,833,000 | 203,621,280 | 206,166,546 | 208,800,896 | 211,468,908 | 199,101,093 | 201,617,510 | 204,193,734 | 206,802,876 | 192,657,038 | 195,065,251 | 197,557,752 | 200,082,101 | 183,667,619 | 185,963,465 | 188,339,664 | 190,746,227 | 178,432,070 | 180,662,471 | 182,970,936 | 179,911,552 |
Molycorp | ||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||
Detail – Mountain Pass Site | Stipulated Loss Values – Adjusted Rent Schedule | |||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
517 | 20419 | - SRU A800 Brine Evaporation Package | 12,189,000 | 17,749,314 | 17,971,180 | 18,200,812 | 18,433,378 | 17,355,297 | 17,574,649 | 17,799,213 | 17,138,683 | 15,767,076 | 15,767,076 | 15,767,076 | 15,767,076 | 14,292,918 | 14,292,918 | 14,292,918 | 14,292,918 | 13,203,323 | 13,203,323 | 13,203,323 | 12,818,761 | |
504 | 20406 | - SRU A200 Brine Treatment | 10,982,000 | 15,991,711 | 16,191,607 | 16,398,500 | 16,608,036 | 15,636,711 | 15,834,342 | 16,036,669 | 15,441,547 | 14,205,761 | 14,205,761 | 14,205,761 | 14,205,761 | 12,877,580 | 12,877,580 | 12,877,580 | 12,877,580 | 11,895,881 | 11,895,881 | 11,895,881 | 11,549,399 | |
525 | 20428 | - Brine Recovery | 10,696,000 | 15,575,245 | 15,769,935 | 15,971,440 | 16,175,520 | 15,229,490 | 15,421,974 | 15,619,033 | 15,039,409 | 13,835,806 | 13,835,806 | 13,835,806 | 13,835,806 | 12,542,214 | 12,542,214 | 12,542,214 | 12,542,214 | 11,586,082 | 11,586,082 | 11,586,082 | 11,248,623 | |
399 | 20300 | - WATER TREATMENT Reverse Osmosis Skids | 9,455,000 | 13,768,132 | 13,940,234 | 14,118,359 | 14,298,760 | 13,462,493 | 13,632,644 | 13,806,839 | 13,294,466 | 12,230,511 | 12,230,511 | 12,230,511 | 12,230,511 | 11,087,008 | 11,087,008 | 11,087,008 | 11,087,008 | 10,241,810 | 10,241,810 | 10,241,810 | 9,943,505 | |
505 | 20407 | - SRU A300 Electrolysis/cell/Xformer Electroylzer A | 8,246,000 | 12,007,617 | 12,157,712 | 12,313,061 | 12,470,394 | 11,741,060 | 11,889,454 | 12,041,375 | 11,594,518 | 10,666,610 | 10,666,610 | 10,666,610 | 10,666,610 | 9,669,325 | 9,669,325 | 9,669,325 | 9,669,325 | 8,932,202 | 8,932,202 | 8,932,202 | 8,672,040 | |
311 | 20205 | - CHP Turbines | 7,973,000 | 11,610,081 | 11,755,207 | 11,905,412 | 12,057,537 | 11,352,349 | 11,495,830 | 11,642,721 | 11,210,659 | 10,313,471 | 10,313,471 | 10,313,471 | 10,313,471 | 9,349,203 | 9,349,203 | 9,349,203 | 9,349,203 | 8,636,484 | 8,636,484 | 8,636,484 | 8,384,935 | |
522 | 20424 | - SRU A850 Utilities | 4,348,000 | 6,331,448 | 6,410,591 | 6,492,504 | 6,575,464 | 6,190,896 | 6,269,142 | 6,349,248 | 6,113,627 | 5,624,353 | 5,624,353 | 5,624,353 | 5,624,353 | 5,098,499 | 5,098,499 | 5,098,499 | 5,098,499 | 4,709,824 | 4,709,824 | 4,709,824 | 4,572,645 | |
513 | 20415 | - SRU A500 HCL Synthesis / Storage HCLSynthesis Unit | 4,202,000 | 6,118,846 | 6,195,332 | 6,274,494 | 6,354,668 | 5,983,014 | 6,058,633 | 6,136,048 | 5,908,339 | 5,435,495 | 5,435,495 | 5,435,495 | 5,435,495 | 4,927,299 | 4,927,299 | 4,927,299 | 4,927,299 | 4,551,675 | 4,551,675 | 4,551,675 | 4,419,102 | |
312 | 20206 | - CHP HRSGs | 4,137,000 | 6,024,195 | 6,099,497 | 6,177,435 | 6,256,369 | 5,890,464 | 5,964,913 | 6,041,131 | 5,816,944 | 5,351,415 | 5,351,415 | 5,351,415 | 5,351,415 | 4,851,079 | 4,851,079 | 4,851,079 | 4,851,079 | 4,481,266 | 4,481,266 | 4,481,266 | 4,350,744 | |
484 | 20386 | - CHP Phase 2 Turbine | 3,929,000 | 5,721,310 | 5,792,827 | 5,866,846 | 5,941,812 | 5,594,303 | 5,665,009 | 5,737,395 | 5,524,480 | 5,082,356 | 5,082,356 | 5,082,356 | 5,082,356 | 4,607,177 | 4,607,177 | 4,607,177 | 4,607,177 | 4,255,957 | 4,255,957 | 4,255,957 | 4,131,997 | |
283 | 20177 | - CRUSHER & MOBILE TRUCK - MP | 3,186,000 | 4,639,373 | 4,697,365 | 4,757,387 | 4,818,176 | 4,536,383 | 4,593,718 | 4,652,416 | 4,479,764 | 4,121,249 | 4,121,249 | 4,121,249 | 4,121,249 | 3,735,929 | 3,735,929 | 3,735,929 | 3,735,929 | 3,451,127 | 3,451,127 | 3,451,127 | 3,350,609 |
Molycorp | ||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||
Detail – Mountain Pass Site | Stipulated Loss Values – Adjusted Rent Schedule | |||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
407 | 20308 | - WATER TREATMENT Multiple Equipment | 3,173,000 | 4,620,442 | 4,678,198 | 4,737,975 | 4,798,516 | 4,517,873 | 4,574,974 | 4,633,432 | 4,461,485 | 4,104,433 | 4,104,433 | 4,104,433 | 4,104,433 | 3,720,685 | 3,720,685 | 3,720,685 | 3,720,685 | 3,437,045 | 3,437,045 | 3,437,045 | 3,336,937 | |
511 | 20413 | - SRU A400 Caustic Unit Caustic Evap Package PH1 | 3,192,000 | 4,648,110 | 4,706,211 | 4,766,346 | 4,827,249 | 4,544,926 | 4,602,369 | 4,661,177 | 4,488,201 | 4,129,010 | 4,129,010 | 4,129,010 | 4,129,010 | 3,742,965 | 3,742,965 | 3,742,965 | 3,742,965 | 3,457,626 | 3,457,626 | 3,457,626 | 3,356,919 | |
331 | 20225 | - MILL Ball Mill | 2,703,000 | 3,936,040 | 3,985,241 | 4,036,163 | 4,087,736 | 3,848,664 | 3,897,307 | 3,947,106 | 3,800,628 | 3,496,464 | 3,496,464 | 3,496,464 | 3,496,464 | 3,169,559 | 3,169,559 | 3,169,559 | 3,169,559 | 2,927,934 | 2,927,934 | 2,927,934 | 2,842,654 | |
515 | 20417 | - SRU A700 Bleach Plant/ Bleach Filtration Scrubber | 2,879,000 | 4,192,327 | 4,244,731 | 4,298,969 | 4,353,901 | 4,099,262 | 4,151,072 | 4,204,113 | 4,048,098 | 3,724,129 | 3,724,129 | 3,724,129 | 3,724,129 | 3,375,938 | 3,375,938 | 3,375,938 | 3,375,938 | 3,118,580 | 3,118,580 | 3,118,580 | 3,027,747 | |
506 | 20408 | - SRU A300 Electrolysis/cell/Xformer Rectifer -A | 2,726,000 | 3,969,532 | 4,019,151 | 4,070,507 | 4,122,519 | 3,881,413 | 3,930,469 | 3,980,692 | 3,832,968 | 3,526,216 | 3,526,216 | 3,526,216 | 3,526,216 | 3,196,529 | 3,196,529 | 3,196,529 | 3,196,529 | 2,952,848 | 2,952,848 | 2,952,848 | 2,866,842 | |
508 | 20410 | - SRU A300 Electrolysis/cell/Xformer Rectifier - B | 2,726,000 | 3,969,532 | 4,019,151 | 4,070,507 | 4,122,519 | 3,881,413 | 3,930,469 | 3,980,692 | 3,832,968 | 3,526,216 | 3,526,216 | 3,526,216 | 3,526,216 | 3,196,529 | 3,196,529 | 3,196,529 | 3,196,529 | 2,952,848 | 2,952,848 | 2,952,848 | 2,866,842 | |
398 | 20299 | - WATER TREATMENT Weak Acid Cation Vessels | 2,526,000 | 3,678,297 | 3,724,276 | 3,771,864 | 3,820,060 | 3,596,643 | 3,642,100 | 3,688,638 | 3,551,753 | 3,267,506 | 3,267,506 | 3,267,506 | 3,267,506 | 2,962,008 | 2,962,008 | 2,962,008 | 2,962,008 | 2,736,204 | 2,736,204 | 2,736,204 | 2,656,509 | |
486 | 20388 | - Mill & Flotation Elictrical & Instrumentation | 2,706,000 | 3,940,409 | 3,989,664 | 4,040,643 | 4,092,273 | 3,852,936 | 3,901,633 | 3,951,487 | 3,804,847 | 3,500,345 | 3,500,345 | 3,500,345 | 3,500,345 | 3,173,077 | 3,173,077 | 3,173,077 | 3,173,077 | 2,931,183 | 2,931,183 | 2,931,183 | 2,845,809 | |
485 | 20387 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 2,525,000 | 3,676,841 | 3,722,802 | 3,770,371 | 3,818,548 | 3,595,219 | 3,640,659 | 3,687,178 | 3,550,347 | 3,266,213 | 3,266,213 | 3,266,213 | 3,266,213 | 2,960,835 | 2,960,835 | 2,960,835 | 2,960,835 | 2,735,121 | 2,735,121 | 2,735,121 | 2,655,457 | |
397 | 20298 | - WATER TREATMENT Multimedia F1lters | 2,251,000 | 3,277,849 | 3,318,822 | 3,361,230 | 3,404,179 | 3,205,084 | 3,245,593 | 3,287,065 | 3,165,081 | 2,911,780 | 2,911,780 | 2,911,780 | 2,911,780 | 2,639,540 | 2,639,540 | 2,639,540 | 2,639,540 | 2,438,320 | 2,438,320 | 2,438,320 | 2,367,301 | |
510 | 20412 | - SRU A300 Electrolysis/cell/Xformer | 1,891,000 | 2,753,626 | 2,788,047 | 2,823,672 | 2,859,752 | 2,692,499 | 2,726,529 | 2,761,368 | 2,658,893 | 2,446,102 | 2,446,102 | 2,446,102 | 2,446,102 | 2,217,402 | 2,217,402 | 2,217,402 | 2,217,402 | 2,048,362 | 2,048,362 | 2,048,362 | 1,988,701 | |
1490 | 90002 | - CHP Phase 2 Turbine | 1,965,000 | 2,861,383 | 2,897,151 | 2,934,170 | 2,971,662 | 2,797,864 | 2,833,225 | 2,869,428 | 2,762,943 | 2,541,825 | 2,541,825 | 2,541,825 | 2,541,825 | 2,304,175 | 2,304,175 | 2,304,175 | 2,304,175 | 2,128,520 | 2,128,520 | 2,128,520 | 2,066,524 | |
431 | 20332 | - SXI Heavies Separation MixerSettler | 1,216,000 | 1,770,708 | 1,792,842 | 1,815,751 | 1,838,952 | 1,731,401 | 1,753,284 | 1,775,687 | 1,709,791 | 1,572,956 | 1,572,956 | 1,572,956 | 1,572,956 | 1,425,891 | 1,425,891 | 1,425,891 | 1,425,891 | 1,317,191 | 1,317,191 | 1,317,191 | 1,278,826 | |
348 | 20242 | - MILL Reagent System Flocculant System | 1,544,000 | 2,248,334 | 2,276,438 | 2,305,526 | 2,334,985 | 2,198,423 | 2,226,209 | 2,254,655 | 2,170,984 | 1,997,241 | 1,997,241 | 1,997,241 | 1,997,241 | 1,810,507 | 1,810,507 | 1,810,507 | 1,810,507 | 1,672,486 | 1,672,486 | 1,672,486 | 1,623,773 | |
446 | 20347 | - SXI SXI MixerSettler | 1,136,000 | 1,654,214 | 1,674,892 | 1,696,294 | 1,717,968 | 1,617,493 | 1,637,936 | 1,658,865 | 1,597,304 | 1,469,472 | 1,469,472 | 1,469,472 | 1,469,472 | 1,332,083 | 1,332,083 | 1,332,083 | 1,332,083 | 1,230,534 | 1,230,534 | 1,230,534 | 1,194,693 | |
396 | 20297 | - WATER TREATMENT Multiflo Clarifer | 1,385,000 | 2,016,802 | 2,042,012 | 2,068,104 | 2,094,530 | 1,972,031 | 1,996,955 | 2,022,472 | 1,947,418 | 1,791,566 | 1,791,566 | 1,791,566 | 1,791,566 | 1,624,062 | 1,624,062 | 1,624,062 | 1,624,062 | 1,500,255 | 1,500,255 | 1,500,255 | 1,456,558 | |
340 | 20234 | - MILL Flotation Cells | 1,255,000 | 1,827,499 | 1,850,343 | 1,873,986 | 1,897,932 | 1,786,931 | 1,809,515 | 1,832,637 | 1,764,628 | 1,623,405 | 1,623,405 | 1,623,405 | 1,623,405 | 1,471,623 | 1,471,623 | 1,471,623 | 1,471,623 | 1,359,436 | 1,359,436 | 1,359,436 | 1,319,841 | |
499 | 20401 | - SRU A100 Raw Brine | 1,258,000 | 1,831,868 | 1,854,766 | 1,878,466 | 1,902,469 | 1,791,202 | 1,813,841 | 1,837,018 | 1,768,846 | 1,627,285 | 1,627,285 | 1,627,285 | 1,627,285 | 1,475,141 | 1,475,141 | 1,475,141 | 1,475,141 | 1,362,686 | 1,362,686 | 1,362,686 | 1,322,996 | |
519 | 20421 | - SRU A850 Utilities Cooling Tower | 1,186,000 | 1,727,023 | 1,748,611 | 1,770,954 | 1,793,583 | 1,688,685 | 1,710,028 | 1,731,879 | 1,667,608 | 1,534,150 | 1,534,150 | 1,534,150 | 1,534,150 | 1,390,713 | 1,390,713 | 1,390,713 | 1,390,713 | 1,284,695 | 1,284,695 | 1,284,695 | 1,247,276 | |
496 | 20398 | - SRU A50 General 480 V MCC 1 | 1,177,000 | 1,713,918 | 1,735,342 | 1,757,515 | 1,779,973 | 1,675,870 | 1,697,052 | 1,718,736 | 1,654,954 | 1,522,508 | 1,522,508 | 1,522,508 | 1,522,508 | 1,380,160 | 1,380,160 | 1,380,160 | 1,380,160 | 1,274,946 | 1,274,946 | 1,274,946 | 1,237,811 | |
1491 | 90003 | - CHP PH 2 Equipment / Pumps / Gen. / Boiler | 886,000 | 1,290,171 | 1,306,298 | 1,322,990 | 1,339,894 | 1,261,530 | 1,277,475 | 1,293,798 | 1,245,785 | 1,146,085 | 1,146,085 | 1,146,085 | 1,146,085 | 1,038,931 | 1,038,931 | 1,038,931 | 1,038,931 | 959,730 | 959,730 | 959,730 | 931,776 | |
405 | 20306 | - WATER TREATMENT Motor Control Center | 763,000 | 1,111,061 | 1,124,950 | 1,139,324 | 1,153,882 | 1,086,397 | 1,100,128 | 1,114,185 | 1,072,837 | 986,978 | 986,978 | 986,978 | 986,978 | 894,700 | 894,700 | 894,700 | 894,700 | 826,494 | 826,494 | 826,494 | 802,421 | |
402 | 20303 | - WATER TREATMENT Chemical Feed Skids | 740,000 | 1,077,569 | 1,091,039 | 1,104,980 | 1,119,099 | 1,053,648 | 1,066,965 | 1,080,599 | 1,040,498 | 957,227 | 957,227 | 957,227 | 957,227 | 867,730 | 867,730 | 867,730 | 867,730 | 801,580 | 801,580 | 801,580 | 778,233 | |
432 | 20333 | - SXI SXH MixerSettler 2 | 536,000 | 780,510 | 790,266 | 800,364 | 810,591 | 763,183 | 772,829 | 782,704 | 753,658 | 693,343 | 693,343 | 693,343 | 693,343 | 628,518 | 628,518 | 628,518 | 628,518 | 580,604 | 580,604 | 580,604 | 563,693 | |
282 | 20176 | - SD-2 CAT FRONT SHOVEL MODEL 6015 | 627,000 | 913,022 | 924,434 | 936,247 | 948,210 | 892,753 | 904,037 | 915,588 | 881,611 | 811,056 | 811,056 | 811,056 | 811,056 | 735,225 | 735,225 | 735,225 | 735,225 | 679,177 | 679,177 | 679,177 | 659,395 | |
507 | 20409 | - SRU A300 Electrolysis/cell/Xformer Buss Bars - A | 707,000 | 1,029,516 | 1,042,384 | 1,055,704 | 1,069,193 | 1,006,661 | 1,019,384 | 1,032,410 | 994,097 | 914,540 | 914,540 | 914,540 | 914,540 | 829,034 | 829,034 | 829,034 | 829,034 | 765,834 | 765,834 | 765,834 | 743,528 | |
284 | 20178 | - CRUSHER CONVEYOR | 535,000 | 779,053 | 788,792 | 798,871 | 809,078 | 761,759 | 771,387 | 781,244 | 752,252 | 692,049 | 692,049 | 692,049 | 692,049 | 627,345 | 627,345 | 627,345 | 627,345 | 579,521 | 579,521 | 579,521 | 562,641 | |
526 | 20429 | - Brine Pipe Line fr Area 305 to Evap Pond | 692,000 | 1,007,673 | 1,020,269 | 1,033,306 | 1,046,509 | 985,304 | 997,757 | 1,010,506 | 973,006 | 895,136 | 895,136 | 895,136 | 895,136 | 811,445 | 811,445 | 811,445 | 811,445 | 749,586 | 749,586 | 749,586 | 727,753 | |
494 | 20396 | - SRU A50 General Unit Sub Station | 659,000 | 959,619 | 971,614 | 984,029 | 996,603 | 938,317 | 950,176 | 962,317 | 926,605 | 852,449 | 852,449 | 852,449 | 852,449 | 772,749 | 772,749 | 772,749 | 772,749 | 713,840 | 713,840 | 713,840 | 693,048 | |
317 | 20211 | - CHP Diesel Generator | 637,000 | 927,583 | 939,178 | 951,179 | 963,333 | 906,992 | 918,455 | 930,191 | 895,672 | 823,991 | 823,991 | 823,991 | 823,991 | 746,951 | 746,951 | 746,951 | 746,951 | 690,009 | 690,009 | 690,009 | 669,911 |
Molycorp | ||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||
Detail – Mountain Pass Site | Stipulated Loss Values – Adjusted Rent Schedule | |||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
509 | 20411 | - SRU A300 Electrolysis/cell/Xformer Chlorate Reacto | 557,000 | 811,089 | 821,228 | 831,721 | 842,349 | 793,084 | 803,108 | 813,370 | 783,185 | 720,507 | 720,507 | 720,507 | 720,507 | 653,143 | 653,143 | 653,143 | 653,143 | 603,351 | 603,351 | 603,351 | 585,778 | |
338 | 20232 | - MILL Tailings Filter Press Conc Filter Press | 303,000 | 441,221 | 446,736 | 452,444 | 458,226 | 431,426 | 436,879 | 442,461 | 426,042 | 391,946 | 391,946 | 391,946 | 391,946 | 355,300 | 355,300 | 355,300 | 355,300 | 328,215 | 328,215 | 328,215 | 318,655 | |
298 | 20192 | - CRUSHER ALLOCATION MP | 493,000 | 717,894 | 726,868 | 736,156 | 745,562 | 701,958 | 710,830 | 719,912 | 693,196 | 637,720 | 637,720 | 637,720 | 637,720 | 578,096 | 578,096 | 578,096 | 578,096 | 534,026 | 534,026 | 534,026 | 518,471 | |
403 | 20304 | - WATER TREATMENT FRP Tanks | 504,000 | 733,912 | 743,086 | 752,581 | 762,197 | 717,620 | 726,690 | 735,975 | 708,663 | 651,949 | 651,949 | 651,949 | 651,949 | 590,994 | 590,994 | 590,994 | 590,994 | 545,941 | 545,941 | 545,941 | 530,040 | |
448 | 20349 | - SXI FRP Tanks | 459,000 | 668,384 | 676,739 | 685,386 | 694,144 | 653,547 | 661,807 | 670,263 | 645,390 | 593,739 | 593,739 | 593,739 | 593,739 | 538,227 | 538,227 | 538,227 | 538,227 | 497,196 | 497,196 | 497,196 | 482,715 | |
447 | 20348 | - SXI FRP Tanks | 437,000 | 636,348 | 644,303 | 652,535 | 660,873 | 622,222 | 630,086 | 638,137 | 614,456 | 565,281 | 565,281 | 565,281 | 565,281 | 512,430 | 512,430 | 512,430 | 512,430 | 473,366 | 473,366 | 473,366 | 459,578 | |
321 | 20215 | - CHP Load Banks | 425,000 | 618,874 | 626,610 | 634,617 | 642,726 | 605,136 | 612,784 | 620,614 | 597,583 | 549,759 | 549,759 | 549,759 | 549,759 | 498,358 | 498,358 | 498,358 | 498,358 | 460,367 | 460,367 | 460,367 | 446,958 | |
514 | 20416 | - SRU A500 HCL Synthesis / Storage | 434,000 | 631,980 | 639,880 | 648,056 | 656,337 | 617,951 | 625,761 | 633,757 | 610,238 | 561,401 | 561,401 | 561,401 | 561,401 | 508,912 | 508,912 | 508,912 | 508,912 | 470,116 | 470,116 | 470,116 | 456,423 | |
521 | 20423 | - SRU A850 Utilities SRU Waste Collection Tank | 444,000 | 646,542 | 654,623 | 662,988 | 671,459 | 632,189 | 640,179 | 648,359 | 624,299 | 574,336 | 574,336 | 574,336 | 574,336 | 520,638 | 520,638 | 520,638 | 520,638 | 480,948 | 480,948 | 480,948 | 466,940 | |
297 | 20191 | - CRUSHER-MECH & ELECT MP | 339,000 | 493,643 | 499,814 | 506,200 | 512,668 | 482,685 | 488,785 | 495,031 | 476,660 | 438,513 | 438,513 | 438,513 | 438,513 | 397,514 | 397,514 | 397,514 | 397,514 | 367,210 | 367,210 | 367,210 | 356,515 | |
498 | 20400 | - SRU A100 Raw Brine Saturator | 378,000 | 550,434 | 557,314 | 564,436 | 571,648 | 538,215 | 545,017 | 551,982 | 531,497 | 488,962 | 488,962 | 488,962 | 488,962 | 443,246 | 443,246 | 443,246 | 443,246 | 409,456 | 409,456 | 409,456 | 397,530 | |
502 | 20404 | - SRU A200 Brine Treatment Filtered Brine Tank | 387,000 | 563,540 | 570,584 | 577,875 | 585,259 | 551,030 | 557,994 | 565,124 | 544,152 | 500,604 | 500,604 | 500,604 | 500,604 | 453,799 | 453,799 | 453,799 | 453,799 | 419,205 | 419,205 | 419,205 | 406,995 | |
503 | 20405 | - SRU A200 Brine Treatment Polished Brine Tank | 386,000 | 562,083 | 569,109 | 576,381 | 583,746 | 549,606 | 556,552 | 563,664 | 542,746 | 499,310 | 499,310 | 499,310 | 499,310 | 452,627 | 452,627 | 452,627 | 452,627 | 418,121 | 418,121 | 418,121 | 405,943 | |
520 | 20422 | - SRU A850 Utilities Paste Tails Collection Tank | 346,000 | 503,836 | 510,134 | 516,653 | 523,254 | 492,652 | 498,878 | 505,253 | 486,503 | 447,568 | 447,568 | 447,568 | 447,568 | 405,722 | 405,722 | 405,722 | 405,722 | 374,793 | 374,793 | 374,793 | 363,877 | |
500 | 20402 | - SRU A200 Brine Treatment Precip 2 Tank # 1 | 343,000 | 499,468 | 505,711 | 512,173 | 518,718 | 488,380 | 494,553 | 500,872 | 482,285 | 443,687 | 443,687 | 443,687 | 443,687 | 402,205 | 402,205 | 402,205 | 402,205 | 371,543 | 371,543 | 371,543 | 360,722 | |
495 | 20397 | - SRU A50 General Switch Gear | 341,000 | 496,556 | 502,763 | 509,187 | 515,693 | 485,533 | 491,669 | 497,952 | 479,473 | 441,100 | 441,100 | 441,100 | 441,100 | 399,859 | 399,859 | 399,859 | 399,859 | 369,377 | 369,377 | 369,377 | 358,618 | |
518 | 20420 | - SRU A800 Brine Evaporation | 315,000 | 458,695 | 464,429 | 470,363 | 476,373 | 448,512 | 454,181 | 459,985 | 442,915 | 407,468 | 407,468 | 407,468 | 407,468 | 369,371 | 369,371 | 369,371 | 369,371 | 341,213 | 341,213 | 341,213 | 331,275 | |
497 | 20399 | SRU A50 General Switch , Rectifiers | 320,000 | 465,976 | 471,801 | 477,829 | 483,935 | 455,632 | 461,390 | 467,286 | 449,945 | 413,936 | 413,936 | 413,936 | 413,936 | 375,235 | 375,235 | 375,235 | 375,235 | 346,629 | 346,629 | 346,629 | 336,533 | |
501 | 20403 | SRU A200 Brine Treatment Precip Tank #2 | 311,000 | 452,870 | 458,531 | 464,390 | 470,324 | 442,817 | 448,414 | 454,144 | 437,290 | 402,294 | 402,294 | 402,294 | 402,294 | 364,681 | 364,681 | 364,681 | 364,681 | 336,880 | 336,880 | 336,880 | 327,068 | |
512 | 20414 | SRU A400 Caustic Unit | 296,000 | 431,028 | 436,416 | 441,992 | 447,640 | 421,459 | 426,786 | 432,239 | 416,199 | 382,891 | 382,891 | 382,891 | 382,891 | 347,092 | 347,092 | 347,092 | 347,092 | 320,632 | 320,632 | 320,632 | 311,293 | |
434 | 20335 | SXI FRP Tanks | 291,000 | 423,747 | 429,044 | 434,526 | 440,078 | 414,340 | 419,577 | 424,938 | 409,169 | 376,423 | 376,423 | 376,423 | 376,423 | 341,229 | 341,229 | 341,229 | 341,229 | 315,216 | 315,216 | 315,216 | 306,035 | |
395 | 20296 | WATER TREATMENT Filter Press | 158,000 | 230,076 | 232,952 | 235,928 | 238,943 | 224,968 | 227,812 | 230,722 | 222,160 | 204,381 | 204,381 | 204,381 | 204,381 | 185,272 | 185,272 | 185,272 | 185,272 | 171,148 | 171,148 | 171,148 | 166,163 | |
406 | 20307 | WATER TREATMENT PLC | 142,000 | 206,777 | 209,362 | 212,037 | 214,746 | 202,187 | 204,742 | 207,358 | 199,663 | 183,684 | 183,684 | 183,684 | 183,684 | 166,510 | 166,510 | 166,510 | 166,510 | 153,817 | 153,817 | 153,817 | 149,337 | |
316 | 20210 | CHP Centrifugal Chillers | 239,000 | 348,026 | 352,376 | 356,879 | 361,439 | 340,300 | 344,601 | 349,004 | 336,053 | 309,158 | 309,158 | 309,158 | 309,158 | 280,253 | 280,253 | 280,253 | 280,253 | 258,889 | 258,889 | 258,889 | 251,348 | |
435 | 20336 | SXI FRP Tanks | 239,000 | 348,026 | 352,376 | 356,879 | 361,439 | 340,300 | 344,601 | 349,004 | 336,053 | 309,158 | 309,158 | 309,158 | 309,158 | 280,253 | 280,253 | 280,253 | 280,253 | 258,889 | 258,889 | 258,889 | 251,348 | |
351 | 20246 | MILL Other Sump Pump Tank | 232,000 | 337,833 | 342,055 | 346,426 | 350,853 | 330,333 | 334,508 | 338,782 | 326,210 | 300,103 | 300,103 | 300,103 | 300,103 | 272,045 | 272,045 | 272,045 | 272,045 | 251,306 | 251,306 | 251,306 | 243,987 | |
400 | 20301 | WATER TREATMENT Clean -in-place Skids | 194,000 | 282,498 | 286,029 | 289,684 | 293,385 | 276,227 | 279,718 | 283,292 | 272,779 | 250,949 | 250,949 | 250,949 | 250,949 | 227,486 | 227,486 | 227,486 | 227,486 | 210,144 | 210,144 | 210,144 | 204,023 | |
339 | 20233 | MILL Concentrate Thickener | 199,000 | 289,779 | 293,401 | 297,150 | 300,947 | 283,346 | 286,927 | 290,593 | 279,809 | 257,416 | 257,416 | 257,416 | 257,416 | 233,349 | 233,349 | 233,349 | 233,349 | 215,560 | 215,560 | 215,560 | 209,282 | |
401 | 20302 | WATER TREATMENT Sludge Clarifier | 172,000 | 250,462 | 253,593 | 256,833 | 260,115 | 244,902 | 247,997 | 251,166 | 241,845 | 222,491 | 222,491 | 222,491 | 222,491 | 201,689 | 201,689 | 201,689 | 201,689 | 186,313 | 186,313 | 186,313 | 180,887 | |
332 | 20226 | MILL Bridge Crane | 175,000 | 254,831 | 258,016 | 261,313 | 264,652 | 249,174 | 252,323 | 255,547 | 246,064 | 226,371 | 226,371 | 226,371 | 226,371 | 205,206 | 205,206 | 205,206 | 205,206 | 189,563 | 189,563 | 189,563 | 184,042 | |
334 | 20228 | MILL Crushing Systems | 167,000 | 243,181 | 246,221 | 249,367 | 252,553 | 237,783 | 240,788 | 243,865 | 234,815 | 216,023 | 216,023 | 216,023 | 216,023 | 195,826 | 195,826 | 195,826 | 195,826 | 180,897 | 180,897 | 180,897 | 175,628 | |
343 | 20237 | MILL Tank Agitator, Flotation | 132,000 | 192,215 | 194,618 | 197,105 | 199,623 | 187,948 | 190,324 | 192,755 | 185,602 | 170,749 | 170,749 | 170,749 | 170,749 | 154,784 | 154,784 | 154,784 | 154,784 | 142,985 | 142,985 | 142,985 | 138,820 | |
404 | 20305 | WATER TREATMENT Bolted Steel Tanks | 166,000 | 241,725 | 244,747 | 247,874 | 251,041 | 236,359 | 239,346 | 242,405 | 233,409 | 214,729 | 214,729 | 214,729 | 214,729 | 194,653 | 194,653 | 194,653 | 194,653 | 179,814 | 179,814 | 179,814 | 174,577 | |
313 | 20207 | CHP Boiler Feedwater Pumps | 118,000 | 171,829 | 173,976 | 176,200 | 178,451 | 168,014 | 170,138 | 172,312 | 165,917 | 152,639 | 152,639 | 152,639 | 152,639 | 138,368 | 138,368 | 138,368 | 138,368 | 127,820 | 127,820 | 127,820 | 124,097 | |
315 | 20209 | CHP Deaerator | 117,000 | 170,372 | 172,502 | 174,706 | 176,939 | 166,590 | 168,696 | 170,851 | 164,511 | 151,345 | 151,345 | 151,345 | 151,345 | 137,195 | 137,195 | 137,195 | 137,195 | 126,736 | 126,736 | 126,736 | 123,045 |
Molycorp | ||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||
Detail – Mountain Pass Site | Stipulated Loss Values – Adjusted Rent Schedule | |||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
492 | 20394 | Mill Lab Equip | 116,000 | 168,916 | 171,028 | 173,213 | 175,426 | 165,166 | 167,254 | 169,391 | 163,105 | 150,052 | 150,052 | 150,052 | 150,052 | 136,023 | 136,023 | 136,023 | 136,023 | 125,653 | 125,653 | 125,653 | 121,993 | |
345 | 20239 | MILL Ball Mill & Mill Feed Slurry Pumps | 110,000 | 160,179 | 162,181 | 164,254 | 166,353 | 156,623 | 158,603 | 160,630 | 154,669 | 142,290 | 142,290 | 142,290 | 142,290 | 128,987 | 128,987 | 128,987 | 128,987 | 119,154 | 119,154 | 119,154 | 115,683 | |
346 | 20240 | MILL Mill Flotation Sump Pumps | 106,000 | 154,355 | 156,284 | 158,281 | 160,303 | 150,928 | 152,836 | 154,788 | 149,044 | 137,116 | 137,116 | 137,116 | 137,116 | 124,296 | 124,296 | 124,296 | 124,296 | 114,821 | 114,821 | 114,821 | 111,477 | |
342 | 20236 | MILL Froth Pumps | 104,000 | 151,442 | 153,335 | 155,294 | 157,279 | 148,080 | 149,952 | 151,868 | 146,232 | 134,529 | 134,529 | 134,529 | 134,529 | 121,951 | 121,951 | 121,951 | 121,951 | 112,654 | 112,654 | 112,654 | 109,373 | |
449 | 20350 | SXI Mag Drive Pumps | 101,000 | 147,074 | 148,912 | 150,815 | 152,742 | 143,809 | 145,626 | 147,487 | 142,014 | 130,649 | 130,649 | 130,649 | 130,649 | 118,433 | 118,433 | 118,433 | 118,433 | 109,405 | 109,405 | 109,405 | 106,218 | |
318 | 20212 | CHP Cooling Towers | 102,000 | 148,530 | 150,386 | 152,308 | 154,254 | 145,233 | 147,068 | 148,947 | 143,420 | 131,942 | 131,942 | 131,942 | 131,942 | 119,606 | 119,606 | 119,606 | 119,606 | 110,488 | 110,488 | 110,488 | 107,270 | |
309 | 20203 | CHP Epoxy Coated Treated Water Tank | 83,000 | 120,863 | 122,373 | 123,937 | 125,521 | 118,179 | 119,673 | 121,202 | 116,704 | 107,365 | 107,365 | 107,365 | 107,365 | 97,326 | 97,326 | 97,326 | 97,326 | 89,907 | 89,907 | 89,907 | 87,288 | |
307 | 20201 | CHP Condensate Storage Tank | 70,000 | 101,932 | 103,206 | 104,525 | 105,861 | 99,669 | 100,929 | 102,219 | 98,425 | 90,548 | 90,548 | 90,548 | 90,548 | 82,083 | 82,083 | 82,083 | 82,083 | 75,825 | 75,825 | 75,825 | 73,617 | |
341 | 20235 | MILL Flotation Blowers | 60,000 | 87,370 | 88,463 | 89,593 | 90,738 | 85,431 | 86,511 | 87,616 | 84,365 | 77,613 | 77,613 | 77,613 | 77,613 | 70,356 | 70,356 | 70,356 | 70,356 | 64,993 | 64,993 | 64,993 | 63,100 | |
437 | 20338 | SXI Used Heat Exchanger | 58,000 | 84,458 | 85,514 | 86,607 | 87,713 | 82,583 | 83,627 | 84,696 | 81,553 | 75,026 | 75,026 | 75,026 | 75,026 | 68,011 | 68,011 | 68,011 | 68,011 | 62,827 | 62,827 | 62,827 | 60,997 | |
308 | 20202 | CHP Aqueous Ammonia Storage Tanks | 62,000 | 90,283 | 91,411 | 92,579 | 93,762 | 88,279 | 89,394 | 90,537 | 87,177 | 80,200 | 80,200 | 80,200 | 80,200 | 72,702 | 72,702 | 72,702 | 72,702 | 67,159 | 67,159 | 67,159 | 65,203 | |
350 | 20245 | MILL Concentrate Water Screw Feeder | 54,000 | 78,633 | 79,616 | 80,634 | 81,664 | 76,888 | 77,860 | 78,855 | 75,928 | 69,852 | 69,852 | 69,852 | 69,852 | 63,321 | 63,321 | 63,321 | 63,321 | 58,494 | 58,494 | 58,494 | 56,790 | |
436 | 20337 | SXI Mag Drive Pumps | 48,000 | 69,896 | 70,770 | 71,674 | 72,590 | 68,345 | 69,209 | 70,093 | 67,492 | 62,090 | 62,090 | 62,090 | 62,090 | 56,285 | 56,285 | 56,285 | 56,285 | 51,994 | 51,994 | 51,994 | 50,480 | |
523 | 20425 | SRU Metrohm Autotitrator | 43,000 | 62,616 | 63,398 | 64,208 | 65,029 | 61,226 | 61,999 | 62,792 | 60,461 | 55,623 | 55,623 | 55,623 | 55,623 | 50,422 | 50,422 | 50,422 | 50,422 | 46,578 | 46,578 | 46,578 | 45,222 | |
352 | 20247 | MILL Air Receivers | 40,000 | 58,247 | 58,975 | 59,729 | 60,492 | 56,954 | 57,674 | 58,411 | 56,243 | 51,742 | 51,742 | 51,742 | 51,742 | 46,904 | 46,904 | 46,904 | 46,904 | 43,329 | 43,329 | 43,329 | 42,067 | |
516 | 20418 | SRU A700 Bleach Plant/ Bleach Filtration | 42,000 | 61,159 | 61,924 | 62,715 | 63,516 | 59,802 | 60,557 | 61,331 | 59,055 | 54,329 | 54,329 | 54,329 | 54,329 | 49,250 | 49,250 | 49,250 | 49,250 | 45,495 | 45,495 | 45,495 | 44,170 | |
333 | 20227 | MILL Ball Mill Cyclone System | 38,000 | 55,335 | 56,026 | 56,742 | 57,467 | 54,106 | 54,790 | 55,490 | 53,431 | 49,155 | 49,155 | 49,155 | 49,155 | 44,559 | 44,559 | 44,559 | 44,559 | 41,162 | 41,162 | 41,162 | 39,963 | |
336 | 20230 | MILL Ball Mill Sump Pump Tank | 40,000 | 58,247 | 58,975 | 59,729 | 60,492 | 56,954 | 57,674 | 58,411 | 56,243 | 51,742 | 51,742 | 51,742 | 51,742 | 46,904 | 46,904 | 46,904 | 46,904 | 43,329 | 43,329 | 43,329 | 42,067 | |
549 | 20452 | Mill Misc Equipments Improvements | 38,000 | 55,335 | 56,026 | 56,742 | 57,467 | 54,106 | 54,790 | 55,490 | 53,431 | 49,155 | 49,155 | 49,155 | 49,155 | 44,559 | 44,559 | 44,559 | 44,559 | 41,162 | 41,162 | 41,162 | 39,963 | |
1461 | 60841 | Rockwell Automation - CIP | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 39,370 | 36,219 | 36,219 | 36,219 | 36,219 | 32,833 | 32,833 | 32,833 | 32,833 | 30,330 | 30,330 | 30,330 | 29,447 | |
452 | 20353 | SXI Heat Exchangers | 32,000 | 46,598 | 47,180 | 47,783 | 48,393 | 45,563 | 46,139 | 46,729 | 44,994 | 41,394 | 41,394 | 41,394 | 41,394 | 37,523 | 37,523 | 37,523 | 37,523 | 34,663 | 34,663 | 34,663 | 33,653 | |
543 | 20446 | SRU CA Back-up Air Compressor | 34,000 | 49,510 | 50,129 | 50,769 | 51,418 | 48,411 | 49,023 | 49,649 | 47,807 | 43,981 | 43,981 | 43,981 | 43,981 | 39,869 | 39,869 | 39,869 | 39,869 | 36,829 | 36,829 | 36,829 | 35,757 | |
349 | 20243 | MILL Reclaim Water Pumps | 30,000 | 43,685 | 44,231 | 44,796 | 45,369 | 42,715 | 43,255 | 43,808 | 42,182 | 38,806 | 38,806 | 38,806 | 38,806 | 35,178 | 35,178 | 35,178 | 35,178 | 32,496 | 32,496 | 32,496 | 31,550 | |
319 | 20213 | CHP Water Filtration System | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 39,370 | 36,219 | 36,219 | 36,219 | 36,219 | 32,833 | 32,833 | 32,833 | 32,833 | 30,330 | 30,330 | 30,330 | 29,447 | |
524 | 20426 | GC Carle 400 | 30,000 | 43,685 | 44,231 | 44,796 | 45,369 | 42,715 | 43,255 | 43,808 | 42,182 | 38,806 | 38,806 | 38,806 | 38,806 | 35,178 | 35,178 | 35,178 | 35,178 | 32,496 | 32,496 | 32,496 | 31,550 | |
344 | 20238 | MILL Concentrate Thickener Underflow Pumps | 28,000 | 40,773 | 41,283 | 41,810 | 42,344 | 39,868 | 40,372 | 40,888 | 39,370 | 36,219 | 36,219 | 36,219 | 36,219 | 32,833 | 32,833 | 32,833 | 32,833 | 30,330 | 30,330 | 30,330 | 29,447 | |
347 | 20241 | MILL Pumps: Wash Water, Filtrate, Overflow | 27,000 | 39,317 | 39,808 | 40,317 | 40,832 | 38,444 | 38,930 | 39,427 | 37,964 | 34,926 | 34,926 | 34,926 | 34,926 | 31,660 | 31,660 | 31,660 | 31,660 | 29,247 | 29,247 | 29,247 | 28,395 | |
353 | 20248 | MILL Indoor Gas Unit Heaters | 22,000 | 32,036 | 32,436 | 32,851 | 33,271 | 31,325 | 31,721 | 32,126 | 30,934 | 28,458 | 28,458 | 28,458 | 28,458 | 25,797 | 25,797 | 25,797 | 25,797 | 23,831 | 23,831 | 23,831 | 23,137 | |
441 | 20342 | SXI Scrubber Blower | 19,000 | 27,667 | 28,013 | 28,371 | 28,734 | 27,053 | 27,395 | 27,745 | 26,715 | 24,577 | 24,577 | 24,577 | 24,577 | 22,280 | 22,280 | 22,280 | 22,280 | 20,581 | 20,581 | 20,581 | 19,982 | |
337 | 20231 | MILL Ball Mill Disconnect Switch | 20,000 | 29,123 | 29,488 | 29,864 | 30,246 | 28,477 | 28,837 | 29,205 | 28,122 | 25,871 | 25,871 | 25,871 | 25,871 | 23,452 | 23,452 | 23,452 | 23,452 | 21,664 | 21,664 | 21,664 | 21,033 | |
530 | 20433 | Mobile Pump Skid | 16,000 | 23,299 | 23,590 | 23,891 | 24,197 | 22,782 | 23,070 | 23,364 | 22,497 | 20,697 | 20,697 | 20,697 | 20,697 | 18,762 | 18,762 | 18,762 | 18,762 | 17,331 | 17,331 | 17,331 | 16,827 | |
330 | 20224 | MILL Switches | 13,000 | 18,930 | 19,167 | 19,412 | 19,660 | 18,510 | 18,744 | 18,983 | 18,279 | 16,816 | 16,816 | 16,816 | 16,816 | 15,244 | 15,244 | 15,244 | 15,244 | 14,082 | 14,082 | 14,082 | 13,672 | |
451 | 20352 | SXI Sump Pumps | 11,000 | 16,018 | 16,218 | 16,425 | 16,635 | 15,662 | 15,860 | 16,063 | 15,467 | 14,229 | 14,229 | 14,229 | 14,229 | 12,899 | 12,899 | 12,899 | 12,899 | 11,915 | 11,915 | 11,915 | 11,568 | |
335 | 20229 | MILL Mill Flotation Sump Pumps | 10,000 | 14,562 | 14,744 | 14,932 | 15,123 | 14,238 | 14,418 | 14,603 | 14,061 | 12,935 | 12,935 | 12,935 | 12,935 | 11,726 | 11,726 | 11,726 | 11,726 | 10,832 | 10,832 | 10,832 | 10,517 | |
444 | 20345 | SXI Charcoal Absorption Columns | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 9,843 | 9,055 | 9,055 | 9,055 | 9,055 | 8,208 | 8,208 | 8,208 | 8,208 | 7,583 | 7,583 | 7,583 | 7,362 | |
314 | 20208 | CHP Boiler Feedwater Pumps Piping | 8,000 | 11,649 | 11,795 | 11,946 | 12,098 | 11,391 | 11,535 | 11,682 | 11,249 | 10,348 | 10,348 | 10,348 | 10,348 | 9,381 | 9,381 | 9,381 | 9,381 | 8,666 | 8,666 | 8,666 | 8,413 | |
450 | 20351 | SXI Heat Exchangers | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 9,843 | 9,055 | 9,055 | 9,055 | 9,055 | 8,208 | 8,208 | 8,208 | 8,208 | 7,583 | 7,583 | 7,583 | 7,362 | |
433 | 20334 | SXI SXH MixerSettler 2 | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,030 | 6,468 | 6,468 | 6,468 | 6,468 | 5,863 | 5,863 | 5,863 | 5,863 | 5,416 | 5,416 | 5,416 | 5,258 | |
440 | 20341 | SXI One 2 Ton Capacity Electric Chain Hoist | 7,000 | 10,193 | 10,321 | 10,453 | 10,586 | 9,967 | 10,093 | 10,222 | 9,843 | 9,055 | 9,055 | 9,055 | 9,055 | 8,208 | 8,208 | 8,208 | 8,208 | 7,583 | 7,583 | 7,583 | 7,362 | |
354 | 20249 | MILL Seal Water Pumps | 6,000 | 8,737 | 8,846 | 8,959 | 9,074 | 8,543 | 8,651 | 8,762 | 8,436 | 7,761 | 7,761 | 7,761 | 7,761 | 7,036 | 7,036 | 7,036 | 7,036 | 6,499 | 6,499 | 6,499 | 6,310 |
Molycorp | ||||||||||||||||||||||||
Valuation of Certain Assets of Molycorp | ||||||||||||||||||||||||
Detail – Mountain Pass Site | Stipulated Loss Values – Adjusted Rent Schedule | |||||||||||||||||||||||
Valuation Date: August 1, 2014 | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |||||||||||||||||||
D&P No. | Asset | Asset description | Fair Value | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
541 | 20444 | - SXI Raff Organic Skim | 6,000 | 8,737 | 8,846 | 8,959 | 9,074 | 8,543 | 8,651 | 8,762 | 8,436 | 7,761 | 7,761 | 7,761 | 7,761 | 7,036 | 7,036 | 7,036 | 7,036 | 6,499 | 6,499 | 6,499 | 6,310 | |
439 | 20340 | - SXI Refurbishing used heat exchangers | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,030 | 6,468 | 6,468 | 6,468 | 6,468 | 5,863 | 5,863 | 5,863 | 5,863 | 5,416 | 5,416 | 5,416 | 5,258 | |
443 | 20344 | - SXI Sump Pumps | 5,000 | 7,281 | 7,372 | 7,466 | 7,561 | 7,119 | 7,209 | 7,301 | 7,030 | 6,468 | 6,468 | 6,468 | 6,468 | 5,863 | 5,863 | 5,863 | 5,863 | 5,416 | 5,416 | 5,416 | 5,258 | |
320 | 20214 | - CHP Seal Flush Plan | 4,000 | 5,825 | 5,898 | 5,973 | 6,049 | 5,695 | 5,767 | 5,841 | 5,624 | 5,174 | 5,174 | 5,174 | 5,174 | 4,690 | 4,690 | 4,690 | 4,690 | 4,333 | 4,333 | 4,333 | 4,207 | |
438 | 20339 | - SXI Static Mixers for SXHSXI | 2,000 | 2,912 | 2,949 | 2,986 | 3,025 | 2,848 | 2,884 | 2,921 | 2,812 | 2,587 | 2,587 | 2,587 | 2,587 | 2,345 | 2,345 | 2,345 | 2,345 | 2,166 | 2,166 | 2,166 | 2,103 | |
442 | 20343 | - SXI Heat Exchangers | 2,000 | 2,912 | 2,949 | 2,986 | 3,025 | 2,848 | 2,884 | 2,921 | 2,812 | 2,587 | 2,587 | 2,587 | 2,587 | 2,345 | 2,345 | 2,345 | 2,345 | 2,166 | 2,166 | 2,166 | 2,103 | |
355 | 20251 | - MILL Filter Cloth | 1,000 | 1,456 | 1,474 | 1,493 | 1,512 | 1,424 | 1,442 | 1,460 | 1,406 | 1,294 | 1,294 | 1,294 | 1,294 | 1,173 | 1,173 | 1,173 | 1,173 | 1,083 | 1,083 | 1,083 | 1,052 | |
445 | 20346 | - SXI Toe Plate Angle clips | 1,000 | 1,456 | 1,474 | 1,493 | 1,512 | 1,424 | 1,442 | 1,460 | 1,406 | 1,294 | 1,294 | 1,294 | 1,294 | 1,173 | 1,173 | 1,173 | 1,173 | 1,083 | 1,083 | 1,083 | 1,052 | |
139,833,000 | 203,621,280 | 206,166,546 | 208,800,896 | 211,468,908 | 199,101,093 | 201,617,510 | 204,193,734 | 196,616,085 | 180,880,915 | 180,880,915 | 180,880,915 | 180,880,915 | 163,969,285 | 163,969,285 | 163,969,285 | 163,969,285 | 151,469,385 | 151,469,385 | 151,469,385 | 147,057,655 |
Molycorp Luxembourg Holdings S.a.r.l. |
MCP Exchangeco Inc. |
MCP Callco ULC |
MCP Canada Limited Partnership |
Molycorp Minerals Canada ULC |
MCP Canada Holdings ULC |
Molycorp Rare Metals Holdings, Inc. |
Molycorp Rare Metals (Utah), Inc. |
Magnequench, Inc. |
Magnequench Neo Powders Pte. Ltd. |
Magnequench International, Inc. |
Molycorp Chemicals & Oxides, Inc. |
Molycorp Korea Inc. |
Neo International Corp. |
Neo Performance Materials (Singapore) Pte. Ltd. |
Molycorp Chemicals & Oxides (Europe) Ltd |
Molycorp Japan, Inc. |
NMT Holdings GmbH |
Magnequench Limited |
Molycorp Silmet AS |
PP IV Mountain Pass II, Inc. |
PP IV Mountain Pass, Inc. |
RCF IV Speedwagon Inc. |
Molycorp Minerals, LLC |
Molycorp Metals & Alloys, Inc. |
Molycorp Rare Metals (Oklahoma), LLC |
Xin Bao Investment Limited |
Magnequench (Korat) Co., Ltd. |
MOLYCORP, INC. | ||
By: | /s/ Geoffrey R. Bedford | |
Name: Geoffrey R. Bedford Title: President and CEO |
COMPUTERSHARE TRUST COMPANY, N.A. COMPUTERSHARE INC. | ||
By: | /s/ Michael Legregin | |
Name: Michael Legregin Title: Manager |
whose address is |
and that such shares be delivered to: |
whose address is |
whose address is |
and that such Warrant Certificate be delivered to: |
whose address is |
whose address is |
and that such Warrant Certificate be delivered to: |
whose address is |
Dated: , 20 . | Signature(s) | ||||
(Address) | |||||
Signature(s) Guaranteed |
Dated: | [ ] By: (Signature of Registered Holder) | |
Dated: | Signed: | (Sign exactly as name appears on the other side of this Warrant) |
(1) ___ | to the Company; or |
(2) ___ | to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)) that has furnished to the Warrant Agent a signed letter containing certain representations and agreements (the form of which letter can be obtained from the Warrant Agent); or |
(3) ___ | pursuant to the exemption from registration provided by Rule 144 under the Securities Act or pursuant to another exemption available under the Securities Act; or |
(4) ___ | Pursuant to an effective registration statement under the Securities Act. |
Dated: | Signed: | (Sign exactly as name appears on the other side of this Warrant) | |
Signature(s) Guaranteed |
RECORD OWNER OF WARRANTS OR REGISTRABLE SECURITIES: (Please Print) Signature: Date: |
MOLYCORP, INC. | ||
By: | /s/ Geoffrey R. Bedford | |
Name: Geoffrey R. Bedford Title: President and CEO |
COMPUTERSHARE TRUST COMPANY, N.A. COMPUTERSHARE INC. | ||
By: | /s/ Michael Legregin | |
Name: Michael Legregin Title: Manager |
whose address is |
and that such shares be delivered to: |
whose address is |
whose address is |
and that such Warrant Certificate be delivered to: |
whose address is |
whose address is |
and that such Warrant Certificate be delivered to: |
whose address is |
Dated: , 20 . | Signature(s) | ||||
(Address) | |||||
Signature(s) Guaranteed |
Dated: | [ ] By: (Signature of Registered Holder) | |
Dated: | Signed: | (Sign exactly as name appears on the other side of this Warrant) |
(1) ___ | to the Company; or |
(2) ___ | to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”)) that has furnished to the Warrant Agent a signed letter containing certain representations and agreements (the form of which letter can be obtained from the Warrant Agent); or |
(3) ___ | pursuant to the exemption from registration provided by Rule 144 under the Securities Act or pursuant to another exemption available under the Securities Act; or |
(4) ___ | Pursuant to an effective registration statement under the Securities Act. |
Dated: | Signed: | (Sign exactly as name appears on the other side of this Warrant) | |
Signature(s) Guaranteed |
RECORD OWNER OF WARRANTS OR REGISTRABLE SECURITIES: (Please Print) Signature: Date: |
1.1 | Amendments to Section 1: Definitions. |
BORROWER: | MOLYCORP, INC. |
GUARANTORS: | PP IV MOUNTAIN PASS, INC. |
ADMINISTRATIVE AGENT: | OCM MLYCO CTB LTD. |
1.1 | Amendments to Section 1: Definitions. |
BORROWER: | MAGNEQUENCH, INC. |
GUARANTORS: | PP IV MOUNTAIN PASS, INC. |
ADMINISTRATIVE AGENT: | OCM MLYCO CTB LTD. |
1. | I have reviewed this quarterly report on Form 10-Q of Molycorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Geoffrey R. Bedford | |
Geoffrey R. Bedford President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Molycorp, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ Michael F. Doolan | |
Michael F. Doolan Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
/s/ Geoffrey R. Bedford | |
Geoffrey R. Bedford President and Chief Executive Officer (Principal Executive Officer) | |
November 5, 2014 | |
/s/ Michael F. Doolan | |
Michael F. Doolan Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |
November 5, 2014 |
Three Months Ended September 30, 2014 | ||||
(A) | Total number of alleged violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a mine safety or health hazard under Section 104 of the Mine Act for which the Company received a citation from MSHA | 3 | ||
(B) | Total number of orders issued under Section 104(b) of the Mine Act | — | ||
(C) | Total number of citations and orders for alleged unwarrantable failure by the Company to comply with mandatory health or safety standards under Section 104(d) of the Mine Act | 1 | ||
(D) | Total number of alleged flagrant violations under Section 110(b)(2) of the Mine Act | — | ||
(E) | Total number of imminent danger orders issued under Section 107(a) of the Mine Act | — | ||
(F) | Total dollar value of proposed assessments from MSHA under the Mine Act | $ | — | |
(G) | Total number of mining-related fatalities | — | ||
(H) | Received notice from MSHA of a pattern of violations under Section 104(e) of the Mine Act | No | ||
(I) | Received notice from MSHA of the potential to have a pattern of violations under Section 104(e) of the Mine Act | No | ||
(J) | Total number of Legal Actions pending as of the last day of the Reporting Period (1) | 8 | ||
(K) | Total number of Legal Actions instituted during the Reporting Period | 3 | ||
(L) | Total number of Legal Actions resolved during the Reporting Period | 3 |
(1) | As of September 30, 2014, two legal actions are Section 111 Complaints for Compensation and six legal actions are penalty assessment contests. |
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