Thompson Creek Metals Company Inc (USA) (NYSE:TC) Banks Upon Mt. Milligan Mining Success


Dallas, Texas 03/20/2014 (FINANCIALSTRENDS) – Thompson Creek Metals Company Inc (USA) (NYSE:TC), a North-American mining company, last month, announced that its Mt. Milligan copper and gold mine achieved commercial production on February 18, which Thompson Creek Metals defines as operation of the mill for a period of 30 days at 60 percent or more of design capacity mill throughput, equivalent to 36,000 tonnes per day.

“Achieving commercial production is a significant milestone for the Company,” said Jacques Perron, Chief Executive Officer of Thompson Creek. “We are seeing steady improvements on a daily basis and remain focused on optimizing operating performance at the mine and mill to achieve full design capacity.”

Along with that, the company also announced fourth quarter and full year ended December 31, 2013 earnings results. For 2013, Thompson Creek Metals Company’s consolidated revenues were $434.4 million, as compared to $401.4 million in 2012. Contribution of copper and gold sales was $14.3 million of additional revenue in 2013. Sales volumes of molybdenum were 36.5 million pounds versus 28.7 million pounds last year.

For 2013, net loss was $215.0 million, or $1.26 per share, compared to a net loss of $546.3 million, or $3.24 per share, in 2012.

As of December 31, 2013, Thompson Creek Metals Company Inc (USA) (NYSE:TC) had total cash and cash equivalents worth $233.9 million.

Perron said, “Our most significant achievement in 2013 was the commissioning and start-up of Mt. Milligan Mine. After almost three years of construction, we are proud to have transitioned Mt. Milligan from a development project to a revenue-generating copper and gold operation resulting in payable production for 2013 of 10.4 million pounds of copper and 20,374 ounces of gold. The ramp-up at Mt. Milligan continues to progress with mine pit grades as expected, metal recoveries in the mill above expectations and mill throughput steadily improving. As expected, our financial results were negatively impacted in the fourth quarter of 2013 as a result of Mt. Milligan revenue and costs being reflected in operating income rather than in start-up costs.”

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