Care and Maintenance Planned for Thompson Creek Mine

Thompson Creek Metals Company Inc. (TSX:TCM,NYSE:TC) announced its results for the fourth quarter of 2013, as well as for the year as a whole, also commenting that on February 18, its Mt. Milligan copper-gold mine achieved commercial production.

On a less positive note, the company said that due to the weakening molybdenum market it has decided to put its Idaho-based Thompson Creek mine, on care and maintenance, likely during the fourth quarter of 2014.

2013 highlights include:

• Consolidated revenues for 2013 were $434.4 million compared to $401.4 million in 2012. Copper and gold sales contributed $14.3 million of additional revenue in 2013. Molybdenum sales volumes were 36.5 million pounds in 2013 compared to 28.7 million pounds in 2012. Our average realized sales price for molybdenum in 2013 was $10.97 per pound compared to $13.48 per pound in 2012. 

• Consolidated operating loss for 2013 was $175.3 million compared to an operating loss of $607.7 million for 2012. Consolidated operating loss for 2013 was impacted by a pre-tax write down of the fixed assets and materials and supplies inventory at the Thompson Creek Mine (‘TC Mine’) and Endako Mine of $194.9 million and lower-of-cost-or-market product inventory write downs of $51.0 million. Consolidated operating loss for 2012 was impacted by a fixed asset pre-tax write down at Endako Mine of $530.5 million and lower-of-cost-or-market product inventory write downs of $73.8 million.

• Net loss for 2013 was $215.0 million, or $1.26 per share compared to a net loss for 2012 of $546.3 million, or $3.24 per share. The net loss for 2013 and 2012 included non-cash foreign exchange losses and gains, respectively of $70.8 million and $12.2 million, primarily on intercompany notes.

• Cash generated by operating activities was $44.8 million in 2013 compared to cash used in operating activities of $28.2 million in 2012.

Click here to read the full Thompson Creek Metals Company Inc. (TSX:TCM,NYSE:TC) press release.