Molycorp ( NYS: MCP ) continues to sell shares as fast as it can before it churns out any real production. I'm beginning to wonder why management is so eager to sell shares if the company is in such a strong position. This week it was a $390 million stock sale to Molymet, a processor of molybdenum and rhenium. The company will spin it as a strategic investment, but there weren't any joint ventures announced, so the strategy is foggy at best. So much cash, nowhere to spend it Just over four months ago, Molycorp claimed it was fully funded, saying "Molycorp's capital investment needs have been filled, and since it is now producing significant revenue from sales to customers around the world, including Japan, Sumitomo's investment is not necessary for implementation of Molycorp's business plan." That's a confident assessment that the company could easily stand on its own in the future. On the day that statement was made, the company's stock closed at $53.74.