OREANDA-NEWS. September 14, 2011. Molycorp Silmet has been approached by members of an EU task force looking to set up a stockpiling facility for rare earth metals, the company's CEO has said.

"I have been approached by the EU about stockpiling. There is a task force that is looking over strategic materials and they have contacted me. They were surprised that we do tantalum and niobium, which are also strategic materials," David O'Brock, head of the Sillamae-based company, told Reuters.

O'Brock said he recommended to the task force that the EU stockpile a year worth of his plant's capacity or 3,000 tons of material.