Battle heats up for control of sole #US #RareEarth mine – #Molycorp mine

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A battle is heating up for control of a bankrupt mine that is the only significant #US source of the #RareEarth elements used in advanced electronics and some defence applications.

A group led by a former nursing home operator and #Switzerland-based private equity fund will vie with a team of US hedge funds and a #Chinese rare earths company in an auction set to decide the fate of the bankrupt #Molycorp-owned mine on June 14.

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