Molycorp (MCP) Pushing Hard at Mountain Pass

Molycorp Inc.'s (NYSE:MCP) Mountain Pass mine is the focus of feverish work as the company has the goal of increasing the amount of dirt dug on an annual basis from 3,000 tons now to close to 40,000 tons by 2014.

At stake is the rare earth elements, minerals that are used in a number of electronic and so-called clean energy products, including mobile phones, fuel cells and wind turbines.

At this time China produces about 97 percent of all rare earths, and they announced they're cutting back on exports, creating possible production problems in several industries for at least a couple of years.

Molycorp CEO Mark A. Smith recently said, “The use of these materials has really skyrocketed, with demand outstripping supply literally overnight. We've got some serious issues in this industry. It's going to be a tough year.”

Avalon Rare Metals (AMEX:AVL), Rare Element Resources (AMEX:REE) and General Moly (AMEX:GMO) are companies also working to bring rare earths to market.

Molycorp closed Friday at $49.26, down $0.57, or 1.14 percent.