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BREAKING NEWS FROM CNBC'S BRIAN SHACTMAN: MOLYCORP STILL MONTHS FROM TAKING FRESH ORE OUT OF THE GROUND FROM MOUNTAIN PASS MINE

WHEN: Today, Tuesday, December 28th

WHERE: CNBC's "Fast Money Halftime Report"

Following is the unofficial transcript of breaking news from CNBC's Brian Shactman. All references must be sourced to CNBC.

BRIAN SHACTMAN: SIMON MOLYCORP HAS BEEN DISCUSSED A LOT ON FAST MONEY AND IT IS A FROTHY NAME IF WE CAN PUNCH UP A TWO DAY CHART OF THE STOCK. TODAY THE MOVE IS ABOUT CHINA POSSIBLY LIMITING EXPORTS IN 2011. YESTERDAY'S MOVE WAS ABOUT REPORTS THAT THEY HAD STARTED ACTIVE MINING OF ORE AT THEIR MOUNTAIN PASS MINE. I'VE JUST BEEN IN TOUCH WITH REPRESENTATIVES FOR THE COMPANY AND THE TRUTH IS THAT IS NOT TRUE. THEY HAVE STARTED THE PROCESS OF PRE-STRIPPING BUT THEY ARE STILL MANY MONTHS AWAY FROM GETTING THE ACTUAL ORE OUT OF THE GROUND THEY SAY TOWARD THE LAST QUARTER OF 2011 OR EARLY IN 2012. THEY ARE AHEAD OF SCHEDULE, BUT I JUST WANT TO REPEAT THIS IS THE FIRST STEP IN THE PROCESS AND THEY ARE MANY MONTHS AWAY FROM ACTUALLY GETTING THE ORE OUT OF THE GROUND THE REPORTS YESTERDAY THAT THEY HAD ACTIVELY STARTED MINING THE ORE ARE NOT TRUE. BACK TO YOU, SIMON.

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