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BEIJING (Info-RE) 28-Apr-17 ERP Strategic Minerals, LLC, part of the ERPGroup of companies, has been selected as the stalking horse bidder by theChapter 11 trustee for Molycorp Minerals, LLC and related entities and enteredinto an asset purchase agreement with Molycorp’s bankruptcy trustee to purchasesubstantially all the assets and the surface property rights of the company’sdebtors at the Mountain Pass Rare Earths mine in California, MetalMinerreported.
The offering price is $1.2 million, a farcry from the $40 million offered and abruptly withdrawn earlier this year byRussian-born investor Vladimir Iorich and his Pala Invesments firm. However,ERP, as part of its offer, is also promising to shoulder up to $100 millionworth of Mountain Pass’ debts and liabilities.
The purchase agreement has been filed withthe U.S. Bankruptcy Court in Delaware, together with a sale motion seeking theCourt’s approval of the sale under section 363 of the Bankruptcy Code.
The Mountain Pass mine is located in SanBernardino County, Calif., approximately 50 miles south of Las Vegas, and it’sthe only mine and processing facility for rare earths minerals in the U.S. Itwas placed into care and maintenance by the bankruptcy trustee in 2015 butcould be brought back online fairly quickly if ERP’s purchase is approved.
ERP said in its release that it will “workcollaboratively with the County of San Bernardino, the California stateagencies, and other regulatory stakeholders to complete the necessary technicalstudies and restart plan to return the mine to sustainable operations,supported by an experienced and skilled workforce from the local community.”
ERP is controlled by majority investor TomClarke, a coal-mining and nursing home magnate who has, in many of hisinvestments, vowed to offset the environmental impact of mining coal byplanting trees.
Clarke said ERP plans to work with Iorich’sfirm, Pala, to restart operations at Mountain Pass. Pala and Australia’s Peakwill be involved in planning to get the mine up and running again, according toERP’s press release. Restarting Mountain Pass as a rare-earths-mining operationwill also involve JHL Capital Group LLC, a Chicago investment firm thatcontrols the mineral rights at the site.
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