The agreement provides for a financial restructuring of the Company's $1.7 billion in debt and provides up to $225 million in gross proceeds in new financing to support operations while the Company completes negotiations with creditors.

Molycorp will supply Siemens with rare earth materials over the next 10 years.

The Cracking Plant is part of a multi-stage chemical process designed to increase the facility's rare earth recovery rates, boost production throughput, and contribute to lower unit production costs.