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Thompson Creek Metals Co Inc.

Publié le 09 mai 2011

Announces First Quarter 2011 Record Production of 10.3 Million Pounds of Molybdenum and Approves Mt.

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THOMPSON CREEK ANNOUNCES FIRST QUARTER 2011 RECORD PRODUCTION OF

10.3 MILLION POUNDS OF MOLYBDENUM AND APPROVES MT. MILLIGAN

CAPITAL EXPENDITURE BUDGET

Denver, CO - May 6, 2011 - Thompson Creek Metals Company Inc. (NYSE: TC; TSX: TCM, TCM.WT; TSX-V:TRX.WT) (�Company� or �Thompson Creek�), a growing, diversified North American mining company, today announced financial results for the three months ended March 31, 2011, prepared in accordance with United States generally accepted accounting principles (�US GAAP�). All dollar amounts are in United States (�US�) dollars unless otherwise indicated.

Financial Highlights:

Revenue for the quarter ended March 31, 2011 was $206.7 million, up 62% from $127.8 million for the first quarter of 2010.

Net Income for the quarter ended March 31, 2011 was $128.9 million, or $0.78 per basic and $0.73 per diluted share, which included a non-cash unrealized gain on common stock purchase warrants of $66.0 million, or $0.40 per basic and $0.37 per diluted share.  Net income for the quarter ended March 31, 2010 was $1.1 million, or $0.01 per basic and diluted share, which included a non-cash unrealized loss on common stock purchase warrants of $24.5 million, or $0.17 per basic and $0.16 per diluted share.

Non-GAAP Adjusted Net Income for the quarter ended March 31, 2011 (excluding the non-cash unrealized gain on the warrants) was $62.9 million, or $0.38 per basic and $0.36 per diluted share.  Non-GAAP adjusted net income for the quarter ended March 31, 2010 (excluding the non-cash unrealized loss on the warrants) was $25.6 million, or $0.18 per basic and $0.17 per diluted share.

The Company�s net income continues to be affected by the previously disclosed requirement under US GAAP to account for the Company�s outstanding common stock warrants as a derivative liability, with changes in the fair market value recorded in net income (loss).

Molybdenum Production for the quarter ended March 31, 2011 was a new quarterly record of 10.3 million pounds, up 25% from 8.3 million pounds in the first quarter of 2010.
 
Non-GAAP Average Cash Cost Per Pound Produced for the quarter ended March 31, 2011 was $5.37 per pound, compared to $5.36 per pound for the first quarter of 2010.

Cash Flow From Operations for the quarter ended March 31, 2011 was $76.6 million, up 200% from $25.6 million for the first quarter of 2010.

Capital Costs incurred for the quarter ended March 31, 2011 were $121.4 million, comprised of $10.1 million of capital costs for the mines, the Langeloth Facility and corporate, and $51.9 million and $59.4 million of capital costs for the mill expansion project at the Endako Mine (75% share) and the development of Mt. Milligan, respectively. The capital costs for the first quarter of 2011 include amounts accrued of $28.5 million at March 31, 2011; therefore, capital expenditures for the first quarter of 2011 were $92.9 million.

Total Cash and Cash Equivalents at March 31, 2011 were $303.0 million, compared to $316.0 million as of December 31, 2010.  Total debt as of March 31, 2011 was $20.5 million, compared to $22.0 million as of December 31, 2010.

�Thompson Creek achieved excellent financial performance in the first quarter of 2011, mainly as a result of increased production, sales volumes and molybdenum prices,� said Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek. �The Company produced a record 10.3 million pounds of molybdenum, and sold a record 10.1 million pounds of molybdenum from its mines for an average realized molybdenum sales price for the quarter of $17.39, up 20% from $14.50 in the first quarter of 2010.  We anticipate that over the remainder of 2011, the price for molybdenum oxide will continue to be volatile, but will gradually increase with the expected improvement in worldwide molybdenum bearing steel production,� added Mr. Loughrey.

The Company also announced that it has approved the increased capital expenditure budget for the Mt. Milligan project in British Columbia from C$915 million to C$1.265 billion.  The C$350 million increase is attributable to design improvements, increases in labor costs, the cost of steel, concrete and other materials, and changes in the foreign exchange rate.

�Mt. Milligan is an important building block for our Company, both in terms of growth and diversification,� said Kevin Loughrey.  �We believe that, notwithstanding the capital increase, the economics for the project are still extremely attractive, and our liquidity and capital resources are sufficient to complete the construction of the Mt. Milligan mine.  We expect to commence production in late 2013 and produce approximately 81 million pounds of copper and 194,000 ounces of gold annually,� added Mr. Loughrey.

At March 31, 2011, Thompson Creek had working capital of $392.7 million, including $303.0 million of cash, cash equivalents and short-term investments, $106.8 million of receivables, and $20.5 million of debt related to equipment financings.  The Company intends to fund the remaining mill expansion costs at the Endako Mine and the Mt. Milligan development costs from a combination of cash on hand, cash flow from operations, funds from various financing facilities, the remaining proceeds from the gold stream transaction with Royal Gold and expected funds from the exercise of warrants that expire in October 2011.  Thompson Creek may consider additional debt financings. The timing of any financing transaction will depend on market conditions.  The Company does not currently intend to fund Mt. Milligan development costs through the issuance of equity or equity-linked securities.

THIS PRESS RELEASE CONTAINS TABLES AND FINANCIAL STATEMENTS, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN PDF FORMAT.

About Thompson Creek Metals Company Inc.

Thompson Creek Metals Company Inc. is a growing, diversified North American mining company.   The Company produces molybdenum at its 100%-owned Thompson Creek Mine in Idaho and Langeloth Metallurgical Facility in Pennsylvania and its 75%-owned Endako Mine in northern British Columbia.  The Company is also in the process of constructing the Mt. Milligan copper-gold mine in northern British Columbia, which is expected to commence production in 2013.  The Company�s development projects include the Davidson molybdenum property and the Berg copper-molybdenum-silver property, both located in northern British Columbia.  Thompson Creek has approximately 967 employees.  Its principal executive office is in Denver, Colorado and its Canadian administrative office is in Vancouver, British Columbia.  More information is available at www.thompsoncreekmetals.com.

Conference Call and Webcast

Thompson Creek will hold a conference call for analysts and investors to discuss its first quarter 2011 financial results on Monday, May 9, 2011 at 8:30 am Eastern Time.  Kevin Loughrey, Chairman and Chief Executive Officer, and Pamela Saxton, Chief Financial Officer, will be available to answer questions during the call.

To participate in the call, please dial 1 (647) 427-7450 or 1 (888) 231-8191 about five minutes prior to the start of the call.  A live audio webcast of the investor conference call will be available at www.newswire.ca/en/webcast and www.thompsoncreekmetals.com.

An archived recording of the conference call will be available at 1 (416) 849-0833 or 1 (800) 642-1687 (access code 56947200 followed by the number sign) from 11:30 a.m. Eastern Time on May 9 to 11:59 p.m. Eastern Time on May 16.  An archived recording of the webcast will also be available at Thompson Creek�s website.

THIS PRESS RELEASE CONTAINS TABLES AND FINANCIAL STATEMENTS, CLICK HERE TO VIEW THE ENTIRE DOCUMENT IN PDF FORMAT.

Cautionary Note Regarding Forward-Looking Statements

This news release contains ��forward-looking information�� within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.  Forward-looking statements include statements with respect to: future financial or operating performance of Thompson Creek or its subsidiaries and it projects; future inventory, production, cash costs, capital expenditures and exploration expenditures; funding sources for the Endako Mine expansion and Mt. Milligan development costs; 2011 operating goals; and 2011 molybdenum prices. 

Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  Such factors include, among others, risks related to general business, economic, competitive, political and social uncertainties including global economic conditions; volatility in molybdenum prices; labor cost and materials cost fluctuations; foreign currency fluctuations; energy price fluctuations; project delays; title disputes or claims; limitations of insurance coverage; changes in governmental regulation of mining operations; risks related to the volatility of Thompson Creek�s share price; changes in environmental regulation; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; and failure of plant, equipment or processes to operate as anticipated.  Additional factors that could cause Thompson Creek�s results to differ from those described in the forward-looking information can be found in the section entitled ��Risk Factors�� in Thompson Creek�s Annual Report on Form 10-K and in Section 1A of Form 10-Q, and subsequent documents filed on EDGAR at www.sec.gov and on SEDAR at www.sedar.com.  Forward-looking statements contained herein are made as of the date of this news release and Thompson Creek disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

 

 

Contact

Thompson Creek Metals Company Inc.
Pamela Solly
Director Investor Relations
Tel.: (303) 762-3526
psolly@tcrk.com

 

Thompson Creek Metals Co Inc.

PRODUCTEUR
CODE : TCM.TO
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Thompson Creek est une société de production minière d'or et de cuivre basée au Canada.

Thompson Creek est productrice d'or, de cuivre, de molybdène au Canada, en développement de projets de cuivre, de molybdène et d'or au Canada, et détient divers projets d'exploration au Canada.

Ses principaux projets en production sont ENDAKO et THOMPSON CREEK MINE au Canada, ses principaux projets en développement sont DAVIDSON (YORKE-HARDY) et MOUNT MILLIGAN au Canada et ses principaux projets en exploration sont MAZE LAKE, BERG et HOWARDS PASS au Canada.

Thompson Creek est cotée au Canada et en Allemagne. Sa capitalisation boursière aujourd'hui est 149,3 millions CA$ (111,4 millions US$, 102,3 millions €).

La valeur de son action a atteint son plus haut niveau récent le 15 juillet 2011 à 9,88 CA$, et son plus bas niveau récent le 22 janvier 2016 à 0,16 CA$.

Thompson Creek possède 222 780 000 actions en circulation.

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TORONTO (TCM.TO)FRANKFURT (A6R.F)
0,670+3.08%0,433-0.69%
TORONTO
CA$ 0,670
21/10 14:59 0,020
3,08%
Cours préc. Ouverture
0,650 0,650
Bas haut
0,650 0,670
Année b/h Var. YTD
 -  -
52 sem. b/h var. 52 sem.
- -  0,670 -%
Volume var. 1 mois
192 028 -%
24hGold TrendPower© : 20
Produit Molybdenum
Développe Copper - Gold - Molybdenum
Recherche Copper - Gold - Molybdenum - Silver
 
 
 
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