Chevron Merges Molycorp and P&M Coal

Molycorp Inc. and The Pittsburg & Midway Coal Mining Co., both subsidiaries of Chevron Corp., have formed a diversified mining company called Chevron Mining Inc. The name change, according to Chevron, provides for better alignment with its parent company and improved market visibility. Chevron Mining Inc. now includes more than 1,400 employees operating five domestic coal and metal mines. The company is headquartered in Englewood, Colorado.

“Bringing P&M and Molycorp together enables us to utilize their generations of experience to the benefit of our newly diversified mining operations,” said Mark A. Smith, president, Chevron Mining Inc.

Molycorp, established in 1920, operates an underground molybdenum mine and mill in Questa, New Mexico, and an open-pit rare earth mine in Mountain Pass, California. MolyCorp restarted operations at Mountain Pass earlier this year and has announced that product sales from the mine could resume in first quarter of 2008. P&M is one of the oldest continuously operating mining companies in the United States. P&M operates surface coal mines in New Mexico and Wyoming and an underground coal mine in Alabama.