U.S. rare-earth producer Molycorp Inc (MCP.N) plans to sell $172.5 million in preferred shares to help fund a doubling in size of the California mine it is redeveloping. The company's board approved on Monday a second round of development at the mine, which would give it the capacity to produce 40,000 metric tons of rare earths per year by the end of 2013. Separately, the company said shareholders plan to sell up to $500 million of their holdings.
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