Thompson Creek announces second-quarter 2008 financial results



    NYSE:   TC
    TSX: TCM, TCM.WT
    Frankfurt: A6R

    TORONTO, Aug. 7 /CNW/ - Overview (all in U.S. dollars):

    
      -  Operations at both the Thompson Creek Mine and Endako Mine continued
         to perform well during the second quarter of 2008 with overall
         production volumes higher and unit costs lower than management's
         expectations.
      -  Molybdenum production rose 10.7% to 6.2 million pounds in the second
         quarter from 5.6 million pounds in the first quarter of 2008.
         Second-quarter production was up 37.7% from 4.5 million pounds in
         the second quarter of 2007.
      -  The Company remains on track to achieve its previously announced
         production guidance of between 23 and 24.5 million pounds in 2008
         and in excess of 34 million pounds in 2009.
      -  Net income in the second quarter rose 29.1% to $60.4 million from
         $46.8 million in the first quarter and it was above the
         $56.8 million achieved in the second quarter of 2007.
      -  The Company experienced an inventory buildup of approximately
         one million pounds during the second quarter related to scheduled
         maintenance shutdowns of the Langeloth and Endako roasters. The
         Company expects this inventory to be reduced during the third
         quarter.
      -  Net income in the second quarter was reduced by $11.5 million due to
         certain expenses not incurred in the first quarter related to the
         early repayment of the First Lien Credit Facility in June 2008,
         additional general and administrative expenses accrued for staff
         incentive and relocation programs, and additional stock-based
         compensation.
      -  Net income per share in the second quarter was $0.52 per basic and
         $0.45 per diluted common share, compared with $0.41 per basic and
         $0.37 per diluted common share in the first quarter and $0.51 per
         basic and $0.45 per diluted share in the second quarter of 2007.
      -  In the first half of 2008, net income was $107.2 million or
         $0.93 per basic and $0.82 per diluted common share.
      -  Cash balances were $79.3 million on June 30, 2008. The Company used
         proceeds from an equity financing during the second quarter to pay
         off all debt except for $5.4 million in equipment loans.
      -  Average realized price on molybdenum sales was $32.68 per pound in
         the second quarter, compared with $32.69 per pound in the first
         quarter and $29.59 per pound in the second quarter of 2007.
      -  The weighted-average cash operating expense related to all
         molybdenum product line sales recorded in the second quarter was
         $7.49 per pound, compared with $10.54 per pound in the first quarter
         of 2008 and $5.66 in the second quarter of 2007.
      -  Cash costs for the production of molybdenum oxide are better than or
         on track with previous guidance of $6.00 to $6.50 per pound at the
         Thompson Creek Mine and $9.50 to $10.25 per pound at the Endako
         Mine.
    

    Note: A conference call and webcast for analysts and investors is
    scheduled for Friday, August 8, 2008 at 8:30 a.m. Eastern.

    Thompson Creek Metals Company Inc. ("the Company"), one of the world's
largest publicly traded, pure molybdenum producers, today announced financial
results for the three and six months ended June 30, 2008 prepared in
accordance with Canadian generally accepted accounting principles. All dollar
amounts are in U.S. dollars unless otherwise indicated.
    "Thompson Creek's mining operations turned in a solid performance in the
second quarter of 2008 with molybdenum production higher and unit costs lower
than management's expectations and the Company on track to achieve our
previously announced production and cost guidance for the year," said Kevin
Loughrey, Chairman and Chief Executive Officer.
    Molybdenum production rose 10.7% to 6.2 million pounds in the second
quarter from 5.6 million pounds in the first quarter - for a total of
11.8 million pounds in the first half of 2008. The Company continues to expect
annual molybdenum production of between 23 and 24.5 million pounds for 2008
and in excess of 34 million pounds for 2009.
    "While mining costs are higher now than they were a year ago, our
per-pound production cost guidance had anticipated a large part of the
increase we have seen and our operations have also experienced some offsetting
factors including higher-than-expected production and recoveries. As a result,
we are confident that 2008 cash costs for the production of molybdenum oxide
will be in the previously forecast range of $6.00 to $6.50 per pound at the
Thompson Creek Mine and will be at or lower than our previously forecast range
of $9.50 to $10.25 per pound at the Endako Mine," Mr. Loughrey added.
    Molybdenum production at the Thompson Creek Mine during the second
quarter of 2008 was 4.0 million pounds, up 11.1% from 3.6 million pounds in
the first quarter of 2008 and up 73.9% from 2.3 million pounds in the second
quarter of 2007. The mine's production is expected to move higher through the
remainder of this year, particularly in the fourth quarter, as higher grade
ore is mined. Management continues to expect production this year of between
16.5 and 17 million pounds.
    At the Endako Mine, where mining has continued in the Denak West Pit, the
Company's 75% share of molybdenum production rose 10% to 2.2 million pounds in
the second quarter from 2.0 million pounds in the first quarter of 2008,
putting the mine in a good position to achieve 2008 production guidance of
between 6.5 and 7.5 million pounds. Second-quarter 2008 production was up 4.8%
from 2.1 million pounds a year earlier.
    "Thompson Creek also achieved an expected improvement in financial
performance in the second quarter, with net income rising 29.1% to
$60.4 million from $46.8 million in the first quarter," Mr. Loughrey stated.
    The rise in net income, which occurred despite stable prices and a slight
decline in total sales from 7.7 to 7.3 million pounds between the first and
second quarters, was due to a substantial reduction from $166.6 million to
$125.7 million in operating expenses, which in turn partly resulted from a
decline in the proportion of high-cost third-party molybdenum sales. The
Company had previously increased such third-party sales, whereby the Company
buys molybdenum concentrate and roasts it for resale to customers, as an
offset to the lower production from its own mines in the fourth quarter of
2007. These high-cost third-party sales as a proportion of total sales
declined from 46.7% in the first quarter to 34.2% in the second quarter. The
proportion is expected to decline further in the second half of 2008.
    "Another important factor affecting second-quarter financial performance
was an inventory buildup of approximately one million pounds of molybdenum
during the quarter primarily related to the scheduled shutdowns of our
roasters for routine maintenance. We have already begun reducing this
inventory buildup and expect to continue to do so throughout the third
quarter, thus yielding a beneficial impact on our profitability in the third
quarter," Mr. Loughrey said.
    The Company experiences a delay of up to two and a half months between
the time a pound of molybdenum is recorded as produced at the Company's mines
and when the same pound is recorded in the income statement as being sold. As
a result of this delay, the molybdenum sales that the Company will record in
2008 will reflect production achieved over a one year period starting early in
the fourth quarter of 2007 and ending early in the fourth quarter of 2008. The
Company sold 8.9 million pounds of molybdenum from its own mines in the first
half of 2008 and currently expects to sell approximately 22 million pounds in
all of 2008. In the future, management will give annual forecast guidance on
sales as well as production.

    Second-Quarter Financial Results

    The Company's revenues were $243.9 million in the second quarter of 2008,
compared with $254.8 million in the first quarter and $247.8 million in the
second quarter of 2007. The decline in revenues from the second quarter of
2007 reflected an 11% decline in total sales volumes (third-party and own
production) to 7.3 million pounds in the latest quarter from 8.2 million
pounds a year earlier primarily due to the build up of inventory during the
latest period in anticipation of the scheduled maintenance shutdowns at the
Langeloth facility from mid-April to mid-May and at Endako during July.
    The year-over-year decline in sales volume was offset to a degree by a
rise in molybdenum prices. The average realized price on the Company's
molybdenum sales was $32.68 per pound in the second quarter, up 10.4% from
$29.59 per pound in the second quarter of 2007.
    After the deduction of operating, selling, marketing, depreciation,
depletion and accretion costs, the Company generated income from mining and
processing operations totaling $105.4 million in the second quarter of 2008,
compared with $77.3 million in the first quarter and $104.1 million in the
second quarter of 2007.
    Net income in the second quarter was $60.4 million or $0.52 per basic and
$0.45 per diluted common share, compared with $46.8 million or $0.41 per basic
and $0.37 per diluted common share in the first quarter and $56.8 million or
$0.51 per basic and $0.45 per diluted share in the second quarter of 2007.
    The per-share figures are based on a weighted-average number of shares
outstanding of 116,902,000 (basic) and 133,867,000 (diluted) in the second
quarter of 2008, 113,457,000 (basic) and 127,674,000 (diluted) in the first
quarter of 2008, and 111,224,000 (basic) and 126,857,000 (diluted) in the
second quarter of 2007. At August 6, 2008, there were 125,045,000 common
shares, 24,506,000 warrants and 7,835,000 employee options outstanding.
    Net income in the second quarter was reduced by $11.5 million due to
certain expenses not incurred in the first quarter amounting to $4.4 million
for finance fees related to the early repayment of the First Lien Credit
Facility in June 2008, an additional $2.3 million accrued in general and
administrative expenses above the first-quarter level due to a staff incentive
program and for relocation of the finance department from Vancouver to Denver,
and an additional $4.8 million above the first-quarter level in stock-based
compensation.
    Cash flow from operating activities was $62.9 million in the second
quarter, compared with $63.4 million in the first quarter of 2008 and
$0.4 million in the second quarter of 2007.
    Cash balances were $79.3 million at June 30, 2008, compared with
$47.5 million at March 31, 2008 and $113.7 million at December 31, 2007.
    During the second quarter of 2008, Thompson Creek used proceeds from an
equity issue to fully discharge its First Lien Credit Facility, which had been
$219.4 million at March 31, 2008. The Company is now debt free except for
$5.4 million in equipment loans.
    Since the acquisition of Thompson Creek Metals Company USA in October
2006, the Company has used cash generated from operations and from equity
issues to pay off $402 million of acquisition debt and to pay the former owner
$61.5 million in December 2006 for certain receivables acquired on the
acquisition date and $100 million in January 2008 as part of a contingent
purchase price payment linked to the performance of the molybdenum price. If
the average price for molybdenum exceeds $15 per pound in 2009, a final
$25 million will be owed to the former owner in January 2010.
    The Company's mines produced 6.2 million pounds of molybdenum in the
second quarter, compared with 5.6 million pounds in the first quarter of 2008
and 4.5 million pounds in the second quarter of 2007. The Thompson Creek Mine
produced 4.0 million pounds in the second quarter, up from 3.6 million pounds
in the first quarter and 2.3 million pounds in the second quarter of 2007. The
Company's 75% share of Endako Mine's production was 2.2 million pounds in the
second quarter, compared with 2.0 million pounds in the first quarter and
2.1 million pounds in the second quarter of 2007.
    The production amounts reflect molybdenum produced at the Thompson Creek
and Endako mines but do not include molybdenum purchased from third parties,
roasted and sold by the Company.
    The weighted-average cash operating expense for molybdenum from the
Company's mines that was sold during the period was $7.49 per pound in the
second quarter, compared with $10.54 per pound in the first quarter and $5.66
per pound in the second quarter of 2007. At the Thompson Creek Mine, the
average cash operating expense related to sales was $7.83 per pound, compared
with $11.33 per pound in the first quarter and $5.05 per pound in the second
quarter of 2007. The Endako Mine's average cash operating expense related to
sales was $6.99 per pound in the second quarter, compared with $9.41 per pound
in the first quarter and $6.92 per pound in the second quarter of 2007.

    First-Half Financial Results

    The Company's revenues were $498.7 million in the first six months of
2008, compared with $515.7 million a year earlier. Volume of molybdenum sales
in the first half of 2008 was 15 million pounds, down 19.4% from 18.6 million
pounds in the first half of 2007. Sales in the 2008 first half were negatively
affected by lower production at the Company's mines in the fourth quarter of
2007 and an inventory buildup in the second quarter of this year due to
scheduled roaster shutdowns. At the beginning of 2007, a greater volume of
product inventory was available which allowed for greater sales in the first
quarter of that year.
    The decline in sales volume was offset to a degree by a rise in the
Company's average realized price on molybdenum sales to $32.69 per pound in
the first half of 2008, up 21.4% from $26.93 per pound in the first half of
2007.
    After the deduction of operating, selling, marketing, depreciation,
depletion and accretion costs, the Company generated income from mining and
processing operations totaling $182.7 million in the first half of 2008,
compared with $192.2 million a year earlier.
    Net income in the first half was $107.2 million or $0.93 per basic and
$0.82 per diluted common share, compared with $104.5 million or $0.97 per
basic and $0.88 per diluted share in the first half of 2007. The per-share
figures are based on a weighted-average number of shares outstanding of
115,180,000 (basic) and 131,079,000 (diluted) in the first half of 2008 versus
107,258,000 (basic) and 118,789,000 (diluted) in the first half of 2007.
    Net income and earnings from mining and processing operations in the
first half of 2007 were negatively affected by the inclusion in operating
expenses of a non-cash acquisition expense related to the inventory portion of
the purchase price adjustment associated with the Company's purchase of
Thompson Creek Metals Company USA in October 2006. This non-cash expense
amounted to $29.6 million in the first quarter of 2007.
    Cash flow from operating activities was $126.3 million in the first half
of 2008, compared with $105.4 million in the first half of 2007.
    The Company's mines produced 11.8 million pounds of molybdenum in the
first half of 2008, up from 9.9 million pounds a year earlier. The Thompson
Creek Mine produced 7.6 million pounds in the first half of 2008, compared
with 6.2 million pounds a year earlier. The Company's 75% share of Endako
Mine's production was 4.2 million pounds in the first half of 2008, compared
with 3.7 million pounds in the first half of 2007.
    The weighted-average cash operating expense for molybdenum from the
Company's mines that was sold during the first half of 2008 was $8.89 per
pound, compared with $7.44 per pound in the year earlier period. At the
Thompson Creek Mine, the average cash operating expense related to sales was
$9.40 per pound in the first half of 2008, compared with $7.43 per pound a
year earlier. The Endako Mine's average cash operating expense related to
sales was $8.11 per pound in the first half of 2008, compared with $7.46 per
pound a year earlier.

    Outlook

    Sales prices have remained in excess of $30 per pound during 2008 and are
expected to remain at approximately these levels for the remainder of the
year.
    The Company sold 8.9 million pounds of molybdenum from its own mines in
the first half of 2008 and currently expects to sell approximately 22 million
pounds in all of 2008.
    Overall, operating expenses per pound have decreased over each of the
past three quarters and are expected to decrease further in the last half of
2008 as sales volumes of the Company's mined material increase. The Thompson
Creek Mine is well into Phase 6 and grades continue to increase as mining
advances toward the core of the ore body. Both the Thompson Creek Mine and the
Endako Mine have acquired new haul trucks in the current year to better ensure
that planned production and stripping are realized. The move of the Endako
in-pit crusher from the Endako Pit to the Denak West Pit area is on schedule
and will be operational in the fourth quarter of 2008.
    The Company remains on target for its previously announced planned
molybdenum production volumes (Thompson Creek Mine - 16.5 to 17.0 million
pounds; Endako Mine (75% share) - 6.5 to 7.5 million pounds) for 2008. In
addition, oxide production costs are better than or on track with previous
guidance for the year (Thompson Creek Mine - $6.00 to $6.50 per pound; Endako
- $9.50 to $10.25 per pound). In the six months ended June 30, 2008, the oxide
production costs at Thompson Creek Mine were $7.53 per pound and at the Endako
Mine were $8.00 per pound. Oxide production costs include the costs to produce
molybdenum oxide at each mine. For Thompson Creek Mine, which only produces
sulphide on site, oxide production costs include an allocation of roasting
costs incurred at the Langeloth facility to roast Thompson Creek Mine material
from sulphide to oxide. Oxide production costs differ from cash operating
expenses reported in the preceding paragraphs of this news release as they do
not include adjustments for opening and closing inventory amounts for the
period nor do they include additional costs related to the production of
downstream products produced by the Company such as ferromolybdenum.
    Thompson Creek and the other joint venture participant in the Endako Mine
approved the expansion project during the first quarter of 2008, and the
project has commenced with detailed engineering and the ordering of major mill
equipment. The Company's share of expansion capital expenditures is expected
to be C$280.0 million over the period 2008 to 2010. Cash flows generated from
the sale of planned production and anticipated strong market prices for
molybdenum are expected to meet the Company's cash requirements for operations
and capital expenditures.
    Mineral reserves were recalculated and increased at both operating mines
during 2007 using a long-term price of $10.00 per pound for molybdenum sales.
Development drilling and reserve analysis is continuing at the Thompson Creek
Mine to complete the second stage of its mineral reserve study which is
expected to further increase reserves and mine life. The Company also plans to
conduct exploration drilling on the Endako Mine property outside of the
existing pits.
    The environmental application for the Davidson Project has been submitted
to the regulatory authorities. A decision on the application is expected in
the first quarter of 2009.
    Additional information on the Company's financial position is available
in Thompson Creek's Financial Statements and Management's Discussion and
Analysis for the period ended June 30, 2008, which will be filed with SEDAR
(www.sedar.com) and posted on the Company's website
(www.thompsoncreekmetals.com).

    Conference call and webcast

    Thompson Creek will hold a conference call for analysts and investors to
discuss its second quarter 2008 financial results on Friday, August 8, 2008 at
8:30 a.m. (Eastern).
    Kevin Loughrey, Chairman and Chief Executive Officer, and Derek Price,
Chief Financial Officer, will be available to answer questions during the
call.
    To participate in the call, please dial 416-644-3432 or 1-866-250-4665
about five minutes prior to the start of the call.
    A live audio webcast of the conference call will be available at
www.newswire.ca and www.thompsoncreekmetals.com.
    An archived recording of the call will be available at 416-640-1917 or
1-877-289-8525 (Passcode 21278956 followed by the number sign) from 10:30 a.m.
on August 8 to 11:59 p.m. on August 15. An archived recording of the webcast
will also be available at Thompson Creek's website.

    About Thompson Creek Metals Company Inc.

    Thompson Creek Metals Company Inc. is one of the largest publicly traded,
pure molybdenum producers in the world. The Company owns the Thompson Creek
open-pit molybdenum mine and mill in Idaho, a metallurgical roasting facility
in Langeloth, Pennsylvania, and a 75% share of the Endako open-pit mine, mill
and roasting facility in northern British Columbia. Thompson Creek is also
permitting the Davidson Deposit, a high-grade underground molybdenum project
near Smithers, B.C. The Company has approximately 800 employees. Its principal
executive office is in Denver, Colorado, and it has other executive offices in
Toronto, Ontario and Vancouver, British Columbia. More information is
available at www.thompsoncreekmetals.com.

    
    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 which may include, but is not
limited to, statements with respect to the timing and amount of estimated
future production. Often, but not always, forward-looking statements can be
identified by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Thompson
Creek and/or its subsidiaries to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include those factors discussed in
the section entitled "Risk Factors" in Thompson Creek's current annual
information form which is available on SEDAR at www.sedar.com and is
incorporated in its Annual Report on Form 40-F filed with the United States
Securities and Exchange Commission which is available at www.sec.gov. Although
Thompson Creek has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this
news release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable securities
laws. 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, readers are cautioned not
to place undue reliance on forward-looking statements.
    Readers should refer to Thompson Creek's current annual information form
which is available on SEDAR at www.sedar.com and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at www.sec.gov and
subsequent continuous disclosure documents available at www.sedar.com and
www.sec.gov for further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.


    
    Consolidated Balance Sheets
    (US dollars in millions - Unaudited)

                                                        June 30  December 31
                                                           2008         2007
    Assets
    Current assets
      Cash and cash equivalents                     $      79.3  $     113.7
      Accounts receivable                                 109.3         84.1
      Product inventory                                   117.0        131.3
      Material and supplies inventory                      38.5         32.9
      Prepaid expense and other current assets              3.8          4.6
      Income and mining taxes recoverable                     -         13.4
                                                    ------------ ------------
                                                          347.9        380.0
    Other assets                                            2.0          2.4
    Restricted cash                                        13.9         10.0
    Reclamation deposits                                   27.2         26.8
    Property, plant and equipment                         584.8        566.8
    Goodwill                                              122.3        123.7
                                                    ------------ ------------

                                                    $   1,098.1  $   1,109.7
                                                    ------------ ------------
                                                    ------------ ------------
    Liabilities
    Current liabilities
      Accounts payable and accrued liabilities      $      53.1  $      60.4
      Acquisition cost payable                                -        100.0
      Income and mining taxes payable                       2.8            -
      Current portion of long-term debt                     3.3         67.2
      Future income and mining taxes                       10.0          6.4
                                                    ------------ ------------
                                                           69.2        234.0
    Long-term debt                                          2.1        170.2
    Contractual sales obligations                           8.6          9.7
    Severance and other liabilities                        21.3         20.3
    Asset retirement obligations                           27.4         26.4
    Future income and mining taxes                        150.2        161.5
                                                    ------------ ------------
                                                          278.8        622.1
                                                    ------------ ------------
    Shareholders' Equity
    Common shares                                         494.6        268.1
    Common share warrants                                  35.0         35.0
    Contributed surplus                                    33.8         26.5
    Retained earnings                                     237.0        129.8
    Accumulated other comprehensive income                 18.9         28.2
                                                    ------------ ------------
                                                          819.3        487.6
                                                    ------------ ------------

                                                    $   1,098.1  $   1,109.7
                                                    ------------ ------------
                                                    ------------ ------------



    Consolidated Statements of Income
    (US dollars in millions, except per share amounts - Unaudited)

                                Three months ended          Six months ended
                                      June 30                   June 30
                                 2008         2007         2008         2007

    Revenues
      Molybdenum sales    $     239.6  $     241.3  $     489.8  $     502.0
      Tolling and
       calcining                  4.3          6.5          8.9         13.7
                          ------------ ------------ ------------ ------------
                                243.9        247.8        498.7        515.7
                          ------------ ------------ ------------ ------------
    Cost of sales
      Operating expenses        125.7        127.8        292.3        289.5
      Selling and
       marketing                  2.5          3.5          5.0          5.1
      Depreciation,
       depletion and
       amortization               9.9         12.0         17.6         28.1
      Accretion                   0.4          0.4          1.1          0.8
                          ------------ ------------ ------------ ------------
                                138.5        143.7        316.0        323.5
                          ------------ ------------ ------------ ------------

    Income from mining
     and processing             105.4        104.1        182.7        192.2

    Other (income)
     expenses
      General and
       administrative             5.7          3.7          9.1          6.8
      Exploration and
       development                0.3          2.3          1.3          4.2
      Interest and
       finance fees               8.1          9.7         14.8         27.6
      Stock-based
       compensation               6.5          5.8          8.2          8.4
      Interest income            (0.8)        (2.3)        (1.6)        (4.2)
      Other                      (2.1)         1.9         (2.8)         1.4
                          ------------ ------------ ------------ ------------
                                 17.7         21.1         29.0         44.2
                          ------------ ------------ ------------ ------------

    Income before income
     and mining taxes            87.7         83.0        153.7        148.0

    Income and mining
     taxes (recoverable)
      Current                    25.5         34.0         51.0         71.8
      Future                      1.8         (7.8)        (4.5)       (28.3)
                          ------------ ------------ ------------ ------------
                                 27.3         26.2         46.5         43.5
                          ------------ ------------ ------------ ------------

    Net income            $      60.4  $      56.8  $     107.2  $     104.5
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------

    Net income per share
      Basic               $      0.52  $      0.51  $      0.93  $      0.97
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
      Diluted             $      0.45  $      0.45  $      0.82  $      0.88
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------



    Consolidated Statements of Cash Flows
    (US dollars in millions - Unaudited)

                                Three months ended          Six months ended
                                      June 30                   June 30
                                 2008         2007         2008         2007

    Operating Activities
    Net income            $      60.4  $      56.8  $     107.2  $     104.5
    Items not affecting
     cash:
      Depreciation,
       depletion and
       amortization               9.9         12.0         17.6         28.1
      Accretion                   0.4          0.4          1.1          0.8
      Amortization of
       finance fees               4.8          1.6          5.4          6.4
      Stock-based
       compensation               6.5          5.8          8.2          8.4
      Future income and
       mining taxes               1.8         (7.8)        (4.5)       (28.3)
      Unrealized gain on
       derivative
       instruments               (2.4)        (0.6)        (1.4)        (1.4)
    Change in non-cash
     working capital            (18.5)       (67.8)        (7.3)       (13.1)
                          ------------ ------------ ------------ ------------
        Cash generated by
         operating
         activities              62.9          0.4        126.3        105.4
                          ------------ ------------ ------------ ------------

    Investing Activities
    Property, plant and
     equipment                  (20.5)        (3.0)       (28.6)        (5.6)
    Deferred stripping
     costs                      (10.1)        (8.8)       (12.9)       (15.6)
    Restricted cash              (1.5)        (1.0)        (3.9)        (1.4)
    Reclamation deposit          (0.3)        (0.2)        (0.5)        (0.8)
    Acquisition cost                -            -       (100.0)           -
                          ------------ ------------ ------------ ------------
        Cash used in
         investing
         activities             (32.4)       (13.0)      (145.9)       (23.4)
                          ------------ ------------ ------------ ------------

    Financing Activities
    Proceeds from issuance
     of common shares, net      223.4         38.5        223.8         43.7
    Repayment of long-term
     debt                      (220.0)       (50.3)      (237.4)      (133.5)
                          ------------ ------------ ------------ ------------
        Cash provided by
         (used in)
         financing
         activities               3.4        (11.8)       (13.6)       (89.8)
                          ------------ ------------ ------------ ------------

    Effect of exchange rate
     changes on cash and
     cash equivalents            (2.1)         4.3         (1.2)         4.1
                          ------------ ------------ ------------ ------------

    Increase (decrease) in
     cash and cash
     equivalents                 31.8        (20.1)       (34.4)        (3.7)

    Cash and cash
     equivalents, beginning
     of period                   47.5        114.5        113.7         98.1
                          ------------ ------------ ------------ ------------
    Cash and cash
     equivalents, end of
     period               $      79.3  $      94.4  $      79.3  $      94.4
                          ------------ ------------ ------------ ------------
                          ------------ ------------ ------------ ------------
    





For further information:

For further information: Wayne Cheveldayoff, Director of Investor
Relations, Thompson Creek Metals Company Inc., Tel: (416) 860-1438, Toll free:
1-800-827-0992, wcheveldayoff@tcrk.com; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989, dsymons@renmarkfinancial.com

Organization Profile

Thompson Creek Metals Company Inc.

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