Thompson Creek Pleased with Q3 2014 Financial Results

Thompson Creek Metals Company Inc. (TSX:TCM,NYSE:TC) announced its financial results for the third quarter of 2014, commenting that they are “significantly improved” compared to the previous quarter, as well as year-to-date.

Highlights include:

• Total cash and cash equivalents at September 30, 2014 were $266.6 million, compared to $216.1 million at June 30, 2014, $202.7 million at March 31, 2014 and $233.9 million at December 31, 2013. 
• Cash generated by operating activities was $83.0 million in the third quarter of 2014 compared to $19.5 million in the third quarter of 2013.
• Consolidated revenues for the third quarter of 2014 were $229.3 million, up from $90.8 million for the third quarter of 2013, primarily as a result of copper and gold revenue of $100.7 million from Mt. Milligan Mine. For the third quarter of 2014, we made three shipments and sales of copper and gold concentrate.
• Sales volumes and average realized sales prices for copper and gold in the third quarter of 2014 were 16.5 million pounds of copper at an average realized price of $3.02 per pound and 57,974 ounces of gold at an average realized price of $952 per ounce. Molybdenum sales volumes in the third quarter of 2014 were 8.9 million pounds at an average realized price of $13.94 per pound compared to 8.3 million pounds at an average realized price of $10.30 per pound for the third quarter of 2013.

Jacques Perron, CEO of Thompson Creek, commented:

We are pleased with our much improved financial performance for the quarter, as well as year-to-date. For the quarter, we had revenue of $229.3 million, cash flow from operations of $83.0 million, and operating income of $63.8 million. We ended the quarter with $266.6 million of cash, an increase of 23% from the last quarter.

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