Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Molycorp (NYSE: MCP) shares are up 12% today after the company announced a final environmental permit approval for its facility in Mountain Pass, Calif.

So what: The company can now start construction on its $531 million project to build a "rare earth mine-to magnets" supply chain. This follows news on Friday that the company would receive a $130 million debt and equity investment from Sumitomo Corporation.

Now what: Rare earths are hot again, and there isn't a more focused way to invest in the boom than Molycorp. Despite having very little revenue, the company is building a mine that will be one of the first to make substantial deliveries outside of China in quite some time. I've been a skeptic in the past but this bubble doesn't seem to be bursting, and I think there is still upside potential for Molycorp.

Interested in more info on Molycorp? Add it to your watchlist.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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