Greenwood Village, Colo.-based Molycorp (NYSE:MCP) will soon have a new CEO.

On Tuesday, Molycorp announced that it has promoted current Executive Vice President and Chief Operating Officer Geoff Bedford to take over as the company's president and chief executive officer on Dec. 2. He will replace interim President and CEO Constantine Karayannopoulos, who will stay on as a director and as vice chairman of the mining company's board of directors.

Prior to his current post, Bedford served as executive vice president and chief operating officer of Neo Material Technologies, which Molycorp acquired in June 2012.

In a statement on the promotion, Karayannopoulos said Bedford "is one of the rare earth industry`s most seasoned and experienced leaders, and he led the successful effort over the past year to integrate Molycorp`s global team and our assets, facilities, and market strategies."


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