Molycorp To Open Office in Tokyo

Molycorp, Inc. (NYSE: MCP), the Western hemisphere's only producer of
rare earth oxides (REO) and the largest REO producer outside of China,
announced that it is opening an office in Tokyo, Japan in order to
better serve its customers there and to build new relationships in the
world's largest rare earth consuming nation outside of China.

The office will be located in the Tokyo Club Building, 9th Floor, 3-2-6,
Kasumigaseki, Chiyoda-ku, Tokyo. It will provide customer support as
well as consulting and technical services to Molycorp's customers in
Japan. The office will be led by Yoshimasa Nomiyama, Molycorp's Japan
Country Manager. Previously, Nomiyama served as the Japan Country
Manager for FMC's Lithium Division.

'We are very pleased to be opening a Molycorp office in Tokyo,' said
Mark A. Smith, Molycorp President and Chief Executive Officer. 'This
will help us better serve our many valued customers in Japan, as well as
help us forge new relationships, improve communications, and increase
our understanding of the needs of this very important market. Coupled
with our offices in Europe and the U.S., this provides Molycorp with a
more comprehensive global reach and will help us significantly improve
our customer service capabilities.'

Smith said that Molycorp plans to host an open house event in the
Molycorp Tokyo office in the fall.

About Molycorp

With offices in the U.S., Europe, and Japan, Molycorp, Inc. is the only
rare earth oxide (REO) producer in the Western Hemisphere and the
largest REO producer outside of China. In addition to its flagship rare
earth mine and processing facility at Mountain Pass, California,
Molycorp also owns a controlling interest in the Estonia-based Molycorp
Silmet AS. One of the largest rare earth and rare metal producers in
Europe, Molycorp Silmet AS has an annual production capacity of
approximately 3,000 metric tons of rare earth products and 700 metric
tons of rare metal products. Molycorp also owns Molycorp Metals and
Alloys in Tolleson, Arizona. Formerly known as Santoku America, Inc.,
the facility is one of the leading producers of high-purity rare earth
alloys and metals outside of China, and manufactures
neodymium-iron-boron (NdFeB) alloy and samarium cobalt (SmCo) alloy, as
well as other specialty alloys and products. Following the execution of
Molycorp's 'mine-to-magnets' strategy and the expected 2012 completion
of Phase 1 of its modernization and expansion efforts at its Mountain
Pass, California processing facility, Molycorp expects to produce at a
rate of approximately 19,050 metric tons of REO equivalent per year from
Mountain Pass. The Company expects to achieve an annual production
capacity at Mountain Pass by the end of 2013 of approximately 40,000
metric tons of REO equivalent after the completion of Phase 2. Molycorp
intends to provide to the market a range of rare earth products,
including high-purity oxides, metals, alloys, and permanent magnets. The
company currently sells products to customers in Europe, North and South
America, Asia, Russia, and other previous Soviet Union countries.

Molycorp, Inc.

Jim Sims, 303-834-8062

Vice President Corporate
Communications

jim.sims@molycorp.com

or

Molycorp
Investor Relations

303-843-8067

IR@molycorp.com