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Molycorp Warns of Impairment Charge, Delays Results

Thursday, 28 Feb 2013 | 7:49 AM ET
The open pit mine at Molycorp's rare earths mining and processing facility stands in Mountain Pass, California, U.S.
Jacob Kepler | Bloomberg | Getty Images
The open pit mine at Molycorp's rare earths mining and processing facility stands in Mountain Pass, California, U.S.

Molycorp is delaying its quarterly results and its annual report as it has yet to determine the size of a goodwill impairment charge that it will have to book in the fourth quarter, the rare earth producer said on Thursday.

Shares of Molycorp were down more than 8 percent in pre-market trading. (Click here to track Molycorp stock before the opening bell.)

The company was expected to report financial results for the fourth quarter and full year ended Dec. 31 later on Thursday.

It said it now expected to file its annual report by March 15 and will reschedule its fourth-quarter and full-year 2012 earnings conference call to coincide with this filing.

Molycorp, which last month warned of significantly lower-than-estimated revenue and cash flow for the first half of this year, said it expected the goodwill impairment charge to be "substantial."

In January, Molycorp warned it expected significantly lower-than-estimated revenue and cash flow for the first half of 2013 and said it might have a cash shortfall of about $250 million for the year.

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