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Molycorp, Inc. and Hitachi Metals, Ltd. jointly announced that they have entered into an agreement regarding the planned formation of joint ventures for the production of rare earth alloys and magnets in the U.S. The ventures would be focused on the manufacture of neodymium-iron-boron (NdFeB) alloys and magnets that are vital to many clean energy, automotive, computer, health care, communications and other technologies.

The parties are expected to sign definitive agreements, which are subject to the satisfaction of certain conditions, for the alloy joint venture by early April 2011. Signing of definitive agreements, subject to the satisfactory conclusion of the feasibility study and other conditions, for the joint venture to produce rare earth magnets would follow later in 2011.

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