Molycorp Inc has announced financial and operating results for the second quarter of 2014.

The company reported second quarter product sales volume of 2,996 metric tons (mt), a 15% decrease over the first quarter 2014, at an average selling price of US$39.02/kg, a 16% increase over the preceding quarter's ASP of US$33.69/kg.

Net revenues for the second quarter were US$116.9 million, a 1% decrease from the first quarter 2014.

Molycorp's resources segment, comprised of its Mountain Pass, California rare earth mine and processing facility, sold 974 mt of rare earth oxide (REO) equivalent products for US$10.0 million in revenues. ASP for the quarter was $10.30/kg. Production volume for the quarter was 1,639 mt, a 48% increase over first quarter production of 1,111 mt. Cash cost for production dropped to US$16.54/kg, a 39% decrease over production cash costs of $27/kg in the previous quarter.

Its magnetic materials and alloys segment sold 1,383 mt of magnetic powders. Revenues for the segment were US$54.4 million on ASP of US$39.31/kg.

Finally, Molycorp's rare metals segment reported sales volume of 79 mt on revenues of US$15.9 million. ASP for the segment was US$201.81/kg.

• [Editor:Mango]