BHP Billiton confirmed that the Svedala mill, part of its Olympic Dam surface processing operations in South Australia, has safely resumed operation ahead of schedule. In January, the mill suffered an electrical failure and was safely placed in the maintenance position. A complete diagnostic review was undertaken and revealed damage to the motor stator coil.
Molycorp, the only global, vertically integrated producer of rare earth products, filed for Chapter 11 protect under the U.S. bankruptcy code. The company has executed a financial restructuring agreement with creditors for its $1.7 billion debt that provides up to $225 million to support operations while Molycorp completes negotiations with creditors.