CORRECTING and REPLACING Molycorp CEO to Congress: China′s New Warnings on Further Rare Earth Export Restrictions Spotlights Need to Ramp up U.S. Production

Reissuing release dated September 21, 2011 to add ticker symbol for
searching purposes.

The release reads:

MOLYCORP CEO TO CONGRESS: CHINA′S NEW WARNINGS ON FURTHER RARE EARTH
EXPORT RESTRICTIONS SPOTLIGHTS NEED TO RAMP UP U.S. PRODUCTION

China′s renewed warnings last week of further rare earth export
reductions and stronger in-country production controls increases the
urgency for the U.S. to ramp up its own rare earth production, Mark A.
Smith, Molycorp, Inc.′s (NYSE: MCP) President and CEO, told a U.S. House
Foreign Affairs Subcommittee on Wednesday.

'Senior Chinese officials relayed to me last week, both privately and
through public statements, that China has no intention of remaining the
world's major supplier of rare earths and that it will continue to shift
its focus to domestic demand,? Smith told the U.S. House Foreign Affairs
Subcommittee on Asia and the Pacific in hearing testimony. 'China is
clearly warning that they will consume more of their own rare earths and
export less, and that they see tight supplies of rare earths as
representing an "irreversible′ trend.?

'Coupled with stronger enforcement of in-country production quotas, this
points to a continued tightness in global rare earth markets for as far
as the eye can see,? Smith testified. 'The U.S. must roll up its sleeves
and get to building its own domestic rare earth manufacturing supply
chain. We must move as rapidly as possible to a position where our
economy and our national security interests are no longer tied to
declining Chinese rare earth exports.?

Smith recommended that the U.S. 'take a page out of China′s strategic
playbook and leverage its rare earth resources to attract manufacturing
that relies upon these critical materials.?

He urged Congress to encourage greater private sector investment in rare
earth technology innovation; strengthen research and development related
to rare earth materials; expand graduate and post-graduate instruction
in the basic and applied sciences; and lend support to private sector
efforts to recycle rare earths, a key future source of material.

Smith's full testimony can be downloaded here: http://dl.dropbox.com/u/39905109/Molycorp_Testimony_House_Foreign_Relations_FINAL.pdf.

About Molycorp, Inc.

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 current
production of rare earth oxides at its flagship rare earth mine and
processing facility at Mountain Pass, California, the Company produces
rare earth metals, rare earth alloys (such as neodymium-iron-boron and
samarium-cobalt alloys) and rare metals such as niobium and tantalum.
The rare earths and rare metals Molycorp produces are critical inputs in
existing and emerging applications including: clean energy technologies,
such as hybrid and electric vehicles and wind power turbines; multiple
high-tech uses, including fiber optics, lasers and hard disk drives;
numerous defense applications, such as guidance and control systems and
global positioning systems; advanced water treatment technology for use
in industrial, military and outdoor recreation applications; and other
technologies. For more information, please visit ?www.molycorp.com.

Molycorp

Jim Sims, +1-303-843-8062

Vice President
Corporate Communications

Jim.Sims@Molycorp.com

or

Brian
Blackman, +1-303-843-8067

Senior Manager, Investor Relations

Brian.Blackman@Molycorp.com