TORONTO (miningweekly.com) – Shares of New York-listed Molycorp fell by 13.02% to $7.55 apiece on Friday after the miner disclosed in a Securities and Exchange Commission (SEC) filing it was under investigation by the SEC over the accuracy of its disclosures.
The staff of the SEC notified the company in August that a formal order of investigation had been issued regarding, among other things, the accuracy of the company's public disclosures.
Molycorp said it was cooperating with the SEC in connection with the investigation and that it could not predict the length, scope or results of the investigation or the impact, if any, on its results.
Molycorp reported a third-quarter loss on lower rare-earth prices and higher production costs. The miner posted a net loss attributable to shareholders of $18.9-million, or 19c a share, in the quarter ended September 30. That compared with a profit of $45.4-million, or 49c a share, in the year-earlier period.
Edited by: Creamer Media Reporter
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