XSORBX™ (pronounced ZOR-bex) is a non-toxic, end-use water treatment product. XSORBX™ utilizes rare earths produced by Molycorp at its Mountain Pass, California rare earth facility.
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Molycorp, Inc. (NYSE: MCP), the Western Hemisphere's only producer of rare earths, announced today the successful commercial launch of a new rare earth-based water purification technology called XSORBX™.
“We have been importing rare earth materials for a number of years. However, the use of Molycorp’s XSORBX™ product allows Bio-Chem to eliminate its previous dependence on foreign sources.”
XSORBX™ (pronounced ZOR-bex) is a non-toxic, end-use water treatment product. XSORBX™ utilizes rare earths produced by Molycorp at its Mountain Pass, California rare earth facility. Molycorp is now selling XSORBX™ for commercial use in the wastewater, recreational, pool and spa, industrial process, and other water treatment markets.
“Since integrating XSORBX™ with our patented, rare earth-composition No-Phos™ technology, which to date has yielded superior, cost-advantaged results, we’re seeing a greater than 20 percent increase in the removal of a wide range of impurities, such as nutrients, heavy metals, dyes, and other problematic contaminants,” said Ken Brummett, President and Chief Executive Officer of Bio-Chem Industries, Inc., a producer of water treatment products based in Tulsa, Oklahoma. “The extraordinarily wide-spectrum effectiveness of this product -- which can also remove pathogens, bacteria, viruses, and pharmaceuticals -- promises to revolutionize water treatment in markets around the world.” Mr. Brummett also noted: “We have been importing rare earth materials for a number of years. However, the use of Molycorp’s XSORBX™ product allows Bio-Chem to eliminate its previous dependence on foreign sources.”
Mark Smith, Chief Executive Officer of Molycorp, added: “The commercialization of XSORBX™ is an important milestone for Molycorp. It has enormous potential to help meet the unique drinking water challenges faced by the U.S. Armed Forces as well as nations that face challenges with delivering potable water on a daily basis. These are exciting areas of growth for our product."
About Molycorp
Colorado-based Molycorp, Inc. is the only rare earth oxide, or REO, producer in the Western Hemisphere and currently produces approximately 3,000 tons of commercial rare earth materials per year. Following the execution of the Company's “mine-to-magnets” strategy and completion of its modernization and expansion efforts at its Mountain Pass., Calif. processing facility in 2012, it expects to produce at a rate of 20,000 tons of REO equivalent per year and will offer a range of products from high-purity rare earth oxides, rare earth metals, rare earth alloys, and permanent rare earth magnets.
About Bio-Chem
Tulsa, Oklahoma-based Bio-Chem Industries, is a producer of all-natural, environmentally friendly alternatives to the hazardous chemicals typically used in wastewater treatment and recreational waters. It is the first company to recognize and utilize the advantages of XSORBX™. Used in combination with its No-Phos product, Bio-Chem can now offer the best water treatment option available. Bio-Chem has developed and released some of the most important natural treatment products offered in the last 12 years. Their recognition of XSORBX reinforces to their customers the company’s dedication to continuous improvement and technological innovation.
This press release contains forward-looking statements that represent the Company’s beliefs, projections and predictions about future events or its future performance. You can identify forward-looking statements by terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other similar expressions or phrases. These forward-looking statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause the Company’s actual results, performance or achievements or industry results to differ materially from any future results, performance or achievement described in or implied by such statements. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: the Company’s ability to secure sufficient capital to implement its business plans; the Company’s ability to complete its modernization and expansion efforts and reach full planned production rates for REOs and other planned downstream products; uncertainties associated with the Company’s reserve estimates and non-reserve deposit information; uncertainties regarding global supply and demand for rare earth materials; the Company’s ability to maintain appropriate relations with unions and employees; the Company’s ability to successfully implement its “mine-to-magnets” strategy; environmental laws, regulations and permits affecting the Company’s business, directly and indirectly, including, among others, those relating to mine reclamation and restoration, climate change, emissions to the air and water and human exposure to hazardous substances used, released or disposed of by the Company; uncertainties associated with unanticipated geological conditions related to mining; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2010, which filings are available from the SEC.
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