Thompson Creek announces second-quarter 2009 financial results and resumption of Endako expansion project



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

    TORONTO, Aug. 6 /CNW/ -

    
    Overview (all in U.S. dollars):

    -   Molybdenum production rose by 9.8% to 6.7 million pounds in the
        second quarter of 2009 from 6.1 million pounds in the first quarter.
    -   Weighted-average cash costs in the second quarter were reduced by
        12.1% to $5.21 per pound produced from $5.93 per pound in the first
        quarter.
    -   2009 guidance remains unchanged for molybdenum production and sales
        at 22 to 26 million pounds and for cash costs at $5.75 to $7.00 per
        pound.
    -   Total cash, cash equivalents and short-term investments at June 30,
        2009 were $262 million, compared with $260.6 million on March 31,
        2009. Total debt was reduced to $15.6 million on June 30, 2009 from
        $16.9 million on March 31, 2009.
    -   Average realized price on molybdenum and upgraded product sales
        declined to $9.41 per pound in the second quarter from $10.14 per
        pound in the first quarter, although due to recent developments in
        the molybdenum market, the Company expects its average realized price
        to be higher in the second half of 2009.
    -   Income from mining and processing operations rose to $15.3 million in
        the second quarter from $12 million in the first quarter. However,
        due primarily to a foreign exchange loss, the Company recorded a net
        loss in the second quarter of $0.4 million or $0.00 per basic and
        diluted common share, compared with net income of $11.2 million or
        $0.09 per basic and diluted share in the first quarter of 2009.
    -   The Board of Directors has approved the resumption of the Endako mill
        expansion project. As a result, the Company's estimate of 2009 total
        capital expenditures has been revised upward to $80 million from
        previous guidance of $60 million.

    Note: A conference call and webcast for analysts and investors is
    scheduled for Friday, August 7, 2009 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, 2009 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 generated higher production and lower
cash costs in the second quarter of 2009 compared with first-quarter levels
and, as a result, the Company is in an excellent position to achieve its
production and cost guidance for the year," said Kevin Loughrey, Chairman and
Chief Executive Officer.
    "Another positive development for the Company is the recent improvement
in molybdenum prices to more than $16 per pound. The price rise didn't occur
early enough to have a significant impact on the Company's second-quarter
sales revenues, which primarily reflected molybdenum market conditions in the
March-to-May period when average monthly Metals Week molybdenum oxide prices
were in the range of $7.90 to $9.16 per pound.
    "The molybdenum price increase will have a positive impact on the
Company's third-quarter financial results and it raises our confidence that a
sustained recovery of the molybdenum market is underway," Mr. Loughrey added.
    Due to the molybdenum market improvement, the Company's Board of
Directors has approved the resumption of the Endako mill expansion project,
which was postponed in December 2008. The resumption is subject to approval by
the joint venture partner. The expansion project will raise the mill's
ore-processing capacity to 55,000 tons from 31,000 tons per day and reduce
cash costs per pound of molybdenum produced. The Company's 75% share of total
project capital expenditures are currently estimated at approximately $252
million (including $43 million spent on the project in 2008 and $10 million
spent in the first half of 2009). Project completion is expected in 2011.
    For 2009, the Company's total capital expenditures are expected to be $80
million, comprised of sustaining capital expenditures of $38 million
(unchanged from previous guidance) and Endako expansion capital expenditures
of $42 million (up from previous guidance of $22 million). The remaining
estimated Endako expansion project expenditures of approximately $167 million
are expected to be incurred in 2010.

    Second-Quarter Financial Results

    The Company's revenues declined by 70% to $73.8 million in the second
quarter of 2009 from $243.9 million a year earlier primarily due to a 71%
decline in the average realized price for molybdenum and upgraded products to
$9.41 per pound from $32.68 per pound. Sales volume was slightly higher at 7.5
million pounds in the latest quarter versus 7.3 million pounds a year earlier.
    After the deduction of operating, selling, marketing, depreciation,
depletion and accretion costs, the Company generated income from mining and
processing operations totaling $15.3 million the second quarter, down from
$105.4 million a year earlier.
    Non-cash charges in the 2009 second quarter included an after-tax
compensation charge of $2.8 million, or $0.02 per basic and diluted common
share, related to a voluntary stock option surrender program completed in June
2009, which was offset by a tax benefit of $2.8 million, or $0.02 per basic
and diluted share, related to the reversal of a tax valuation allowance. In
addition, the 2009 second quarter included an after-tax foreign exchange loss
of $6.5 million, or $0.05 per basic and fully diluted common share.
    Net loss was $0.4 million or $0.00 per basic and diluted common share,
compared with a net income of $60.4 million or $0.52 per basic and $0.45 per
diluted share in the second quarter of 2008.
    The per-share figures are based on a weighted-average number of shares
outstanding of 122.5 million (basic and diluted) in the second quarter of
2009, compared with 116.9 million (basic) and 133.9 million (diluted) in the
second quarter of 2008. At August 6, 2009, there were 123.1 million common
shares, 24.5 million warrants and 5.5 million employee options outstanding.
    Second-quarter cash flow from operating activities was $13.4 million,
compared with $62.9 million a year earlier.

    
    Selected Consolidated Operations Information

    (Unaudited)                      Three months ended     Six months ended
                                          June 30                June 30
                                 --------------------------------------------
                                      2009       2008        2009      2008
                                 --------------------------------------------
    Operations
    Molybdenum production from
     mines (000's lb)(1)              6,714      6,184     12,771     11,773
    Cash cost ($/lb produced)(2)  $    5.21  $    8.85  $    5.55  $    7.75

    Molybdenum sold (000's lb)
    Thompson Creek Mine and
     Endako Mine production           6,505      4,830     13,054      8,912
    Product purchased, processed
     and resold                         997      2,500      1,895      6,072
                                 ----------- ---------- ---------- ----------
                                      7,502      7,330     14,949     14,984
                                 ----------- ---------- ---------- ----------

    Average realized price ($/lb) $    9.41  $   32.68  $    9.81  $   32.69

    (1) Mined production pounds are molybdenum oxide and high performance
        molybdenum disulfide ("HPM") from the Corporation's share of the
        production from the mines; excludes molybdenum processed from
        purchased product.
    (2) Weighted-average of Thompson Creek Mine and Endako Mine cash costs
        represent mining (including all stripping costs), milling, roasting
        and packaging for molybdenum oxide and HPM produced in the period.
        Cash cost excludes: the effect of purchase price adjustments, the
        effects of changes in inventory, and depreciation, depletion,
        amortization and accretion. The cash cost for Thompson Creek, which
        only produces sulfide on site, includes an estimated molybdenum loss
        and an allocation of roasting and packaging costs from the Langeloth
        facility.
    

    Capital expenditures totaled $16 million in the second quarter of 2009,
comprised of $10.3 million of sustaining capital expenditures and $5.7 million
for the Company's 75% share of capital expenditures for the Endako mill
expansion.
    Cash, cash equivalents and short-term investments were $262 million on
June 30, 2009, compared with $260.6 million at March 31, 2009 and $258 million
at December 31, 2008.
    The Company's total debt (primarily equipment loans) on June 30, 2009 was
$15.6 million, compared with $16.9 million on March 31, 3009 and $17.3 million
on December 31, 2008.
    The Company's mines produced 6.7 million pounds of molybdenum in the
second quarter, up from 6.2 million pounds in the second quarter of 2008. The
Thompson Creek Mine produced 4.7 million pounds, up from 4.0 million pounds a
year earlier, while the Company's 75% share of the Endako Mine's production
was 2.0 million, compared with 2.2 million pounds a year earlier.
    The weighted-average cash costs were $5.21 per pound produced in the
second quarter of 2009, compared with $8.85 per pound produced a year earlier.
The decline was primarily due to increased production as a result of higher
ore grades and recoveries at the Thompson Creek Mine together with lower
mining and milling costs from both of the Company's mines in the latest
quarter compared to the 2008 quarter, lower costs for grinding media and
consumables, and a favorable change in the Canadian dollar exchange rate. The
cash costs include production costs for the mining, milling, roasting and
packaging of molybdenum oxide and high-performance molybdenum disulfide (HPM)
and deferred stripping costs (mining costs related to future planned
production phases).
    At the Thompson Creek Mine, cash costs in the second quarter were $5.32
per pound produced (including deferred stripping costs of $1.51 per pound
produced), compared with $9.02 per pound produced (including deferred
stripping costs of $2.54 per pound produced) a year earlier. The Endako Mine's
cash costs were $4.94 per pound produced, compared with $8.55 per pound
produced a year earlier. There were minimal deferred stripping costs at
Endako.

    First-Half Financial Results

    The Company's revenues in the first six months of 2009 totaled $152.8
million, or 69% lower than the $498.7 million recorded a year earlier.
    After the deduction of operating, selling, marketing, depreciation,
depletion and accretion costs, the Company generated income from mining and
processing operations totaling $27.3 million the first half, down from $182.7
million a year earlier.
    Net income was $10.8 million or $0.09 per basic and diluted common share,
compared with $107.2 million or $0.93 per basic and $0.82 per diluted share in
the first half of 2008.
    The per-share figures are based on a weighted-average number of shares
outstanding of 122.4 million basic and 122.9 diluted shares in the first half
of 2009, compared with 115.2 million (basic) and 131.1 million (diluted) a
year earlier.
    First-half cash flow from operating activities was $58 million, compared
with $126.3 million a year earlier.
    Capital expenditures totaled $34.7 million in the first six months of
2009, comprised of $25.2 million of sustaining capital expenditures and $9.5
million for the Company's 75% share of capital expenditures for the Endako
mill expansion.

    
    Historical Summary of Quarterly Results
    (US$ in millions except per pound and per share amounts - Unaudited)

                                      Jun 30  Sep 30  Dec 31  Mar 31  Jun 30
                                        2008    2008    2008    2009    2009
                                    -----------------------------------------
    Operations
    Mined molybdenum production
     (000's lb)                        6,184   6,499   7,773   6,057   6,714
    Cash cost  ($/lb produced)(1)      $8.85   $7.33   $6.01   $5.93   $5.21
    Molybdenum sold (000's lb):
    Thompson Creek Mine and Endako
     Mine production sold              4,830   6,879   6,558   6,549   6,505
    Product purchased, processed
     and resold                        2,500   3,044   1,565     898     997
                                    -----------------------------------------
                                       7,330   9,923   8,123   7,447   7,502
                                    -----------------------------------------
    Average realized price ($/lb)     $32.68  $32.85  $21.72  $10.14   $9.41

    Financial

    Revenue                           $243.9  $331.1  $181.6   $78.9   $73.8

    Income from mining and
     processing                       $105.4  $159.0   $88.5   $12.0   $15.3

    Net income (loss)                  $60.4  $100.6  $(24.6)  $11.2   $(0.4)

    Income (loss) per share

    - basic                            $0.52   $0.80  $(0.20)  $0.09  $(0.00)

    - diluted                          $0.45   $0.74  $(0.20)  $0.09  $(0.00)

    Cash flow generated by
     operating activities              $62.9  $110.3  $181.0   $44.7   $13.4
    


    Outlook

    The Company continues to believe that its near-term business is improving
and the long-term outlook is positive. During the month of April 2009,
molybdenum prices reached a weekly low of $7.83 per pound. Since that time,
molybdenum prices have been progressively rising. The Platts Metals Week
published average price for molybdenum oxide was $9.16 per pound in May 2009,
$10.26 per pound in June 2009, and $12.10 in July 2009.
    The Company's realized sales price averaged $9.41 per pound for the 2009
second quarter and $9.81 per pound for the first six months of 2009. The
realized price reflects upgraded product sales as well as sales of molybdenum
oxide. Based on current market trends, the Company expects its average
realized price to be higher in the second half of 2009 compared to the first
half of 2009; however, contract sales typically trail the market price by one
month and the Company has fixed the sales price for approximately 2.2 million
pounds at an average price of $11.06 per pound for molybdenum oxide over the
remainder of the year.
    For 2009, the Company's sales of molybdenum produced from its own mines
are expected to be 22 to 26 million pounds, with sales of molybdenum
purchased, processed and resold for 2009 expected to be 3 to 4 million pounds
(unchanged from previous guidance on June 8, 2009).
    Given the recent improvement in the molybdenum market, the Company
shortened the planned Thompson Creek and Endako mines shutdown period in July
2009 to two weeks from one month in order to match production with the
anticipated level of sales. The Company will continue to monitor market
conditions and will remain flexible and ready to adjust production if
necessary. For 2009, previous guidance from June 8, 2009 remains unchanged for
molybdenum production levels at 22 to 26 million pounds; expected production
from the Thompson Creek Mine is 16 to 18 million pounds (unchanged from
previous guidance), and the Company's 75% share of Endako Mine expected
production is 6 to 8 million pounds (unchanged from previous guidance).
    Additionally, given the improvement in the molybdenum market, in August
2009 the Company's Board of Directors approved the re-start of the mill
expansion project at its 75%-owned Endako Mine, which was postponed in late
2008. The re-start is subject to approval by the joint venture partner. The
Company's 75% share of total project capital expenditures are currently
estimated at approximately $252 million, of which $52.9 million had been
incurred through June 30, 2009. The Company's share of capital expenditures
for the Endako mill expansion for 2009 are approximately $42 million, which
has been revised upward from previous guidance of $22 million.
    For 2009, previous guidance on June 8, 2009 remains unchanged for the
anticipated average cash cost per pound produced at $5.75 to $7.00 per pound.
Anticipated cash cost at the Thompson Creek Mine is $5.50 to $6.50 per pound
(unchanged from previous guidance) and at the Endako Mine is $6.50 to $7.50
per pound (unchanged from previous guidance). This assumes a U.S. to Canadian
dollar ("CAD") exchange rate of 1.11 for the second half of 2009. The 2009
Thompson Creek Mine cash cost per pound produced includes approximately $30
million of stripping costs, or $1.65 to $1.90 per pound produced (unchanged
from previous guidance), related to future planned production phases. The 2009
Endako Mine operating plan has minimal stripping costs.
    Average cash cost per pound produced in the second half of 2009 is
expected to be higher than the first half of 2009 primarily due to lower
third-quarter production resulting from the two-week shutdown at both mines in
July, higher consumables and contract labor costs, increased maintenance
costs, and an expected negative impact from the strengthening of the Canadian
dollar to the U.S. dollar (converting Canadian dollar costs to U.S. dollar
costs).
    Foreign exchange loss for the first half of 2009 was $3.9 million. This
loss is primarily due to the weakening of the US dollar against the Canadian
dollar in the 2009 period on US dollar cash, cash equivalents and short-term
investments in entities with the Canadian dollar measurement currency. With
other variables unchanged, each $0.10 strengthening (weakening) of the U.S.
dollar against the Canadian dollar results in an increase (decrease) of
approximately $7 million in net income (loss) for the six month period.
    The Company's share of estimated sustaining capital expenditures in 2009
at both mines and the Langeloth Metallurgical Facility remains unchanged from
previous guidance on May 7, 2009 and is expected to be approximately $38
million.
    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, 2009, 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 first-quarter 2009 financial results on Friday, August 7, 2009 at
8:30 a.m. (Eastern). 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 416-644-3417 or 1-800-731-5774
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 21310335 followed by the number sign) from 10:30 a.m.
on August 7 to 11:59 p.m. on August 14. 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
evaluating the Mount Emmons Deposit, a high-grade underground molybdenum
deposit near Crested Butte, Colorado. Thompson Creek has an option to acquire
up to 75% of the property. The Company is continuing to pursue permitting of
the Davidson Deposit, a high-grade underground molybdenum deposit near
Smithers, B.C. The Company has approximately 750 employees. Its principal
executive office is in Denver, Colorado, and it has another executive office
in Toronto, Ontario. 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,
                                                          2009          2008
                                                   ------------  ------------
    Assets
    Current assets
      Cash and cash equivalents                      $    77.5     $   258.0
      Short-term investments                             184.5             -
      Accounts receivable                                 37.3          55.0
      Product inventory                                   42.8          57.1
      Material and supplies inventory                     35.3          36.2
      Prepaid expense and other current assets             5.0           6.3
      Income and mining taxes recoverable                  2.2           1.4
                                                   ------------  ------------
                                                         384.6         414.0
    Other assets                                           3.1           3.0
    Restricted cash                                       16.0          14.2
    Reclamation deposits                                  29.7          26.9
    Property, plant and equipment                        634.7         594.1
    Goodwill                                              47.0          47.0
                                                   ------------  ------------
                                                     $ 1,115.1     $ 1,099.2
                                                   ------------  ------------
                                                   ------------  ------------
    Liabilities
    Current liabilities
      Accounts payable and accrued liabilities       $    28.1     $    36.5
      Income and mining taxes payable                      2.2           7.5
      Current portion of long-term debt                    5.0           5.6
      Future income and mining taxes                       6.3           8.1
                                                   ------------  ------------
                                                          41.6          57.7
    Long-term debt                                        10.6          11.7
    Other liabilities                                     21.3          21.8
    Asset retirement obligations                          24.2          23.3
    Future income and mining taxes                       163.0         167.2
                                                   ------------  ------------
                                                         260.7         281.7
                                                   ------------  ------------
    Shareholders' Equity
    Common shares                                        489.5         484.1
    Common share warrants                                 35.0          35.0
    Contributed surplus                                   44.1          40.4
    Retained earnings                                    315.1         304.3
    Accumulated other comprehensive loss                 (29.3)        (46.3)
                                                   ------------  ------------
                                                         854.4         817.5
                                                   ------------  ------------
                                                     $ 1,115.1     $ 1,099.2
                                                   ------------  ------------
                                                   ------------  ------------


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

                                    Three months ended      Six months ended
                                 ---------------------- ---------------------
                                    June 30,   June 30,   June 30,   June 30,
                                       2009       2008       2009       2008
                                 ----------- ---------- ---------- ----------
    Revenues
      Molybdenum sales            $    71.2  $   239.6  $   146.7  $   489.8
      Tolling and calcining             2.6        4.3        6.1        8.9
                                 ----------- ---------- ---------- ----------
                                       73.8      243.9      152.8      498.7
                                 ----------- ---------- ---------- ----------
    Cost of sales
      Operating expenses               44.7      125.7       97.9      292.3
      Selling and marketing             1.2        2.5        2.7        5.0
      Depreciation, depletion
       and amortization                12.2        9.9       24.2       17.6
      Accretion                         0.4        0.4        0.7        1.1
                                 ----------- ---------- ---------- ----------
                                       58.5      138.5      125.5      316.0
                                 ----------- ---------- ---------- ----------
    Income from mining and
     processing                        15.3      105.4       27.3      182.7
    Other (income) expenses
      General and administrative        4.1        5.7        7.8        9.1
      Stock-based compensation          4.0        6.5        5.4        8.2
      Exploration and development       1.9        0.3        3.7        1.3
      Loss (gain) on foreign
       exchange                         7.1       (1.9)       3.9       (2.7)
      Interest and finance fees         0.3        8.1        0.5       14.8
      Interest income                  (0.6)      (0.8)      (1.0)      (1.6)
      Other                               -       (0.2)      (0.4)      (0.1)
                                 ----------- ---------- ---------- ----------
                                       16.8       17.7       19.9       29.0
                                 ----------- ---------- ---------- ----------
    Income (loss) before income
     and mining taxes                  (1.5)      87.7        7.4      153.7
    Income and mining taxes
     (recoverable)
      Current                           3.6       25.5        6.9       51.0
      Future                           (4.7)       1.8      (10.3)      (4.5)
                                 ----------- ---------- ---------- ----------
                                       (1.1)      27.3       (3.4)      46.5
                                 ----------- ---------- ---------- ----------
    Net income (loss)             $    (0.4) $    60.4  $    10.8  $   107.2
                                 ----------- ---------- ---------- ----------
                                 ----------- ---------- ---------- ----------
    Net income (loss)  per share
      Basic                       $   (0.00) $    0.52  $    0.09  $    0.93
                                 ----------- ---------- ---------- ----------
                                 ----------- ---------- ---------- ----------
      Diluted                     $   (0.00) $    0.45  $    0.09  $    0.82
                                 ----------- ---------- ---------- ----------
                                 ----------- ---------- ---------- ----------


    Consolidated Statements of Comprehensive Income
    (US dollars in millions - Unaudited)

                                    Three months ended      Six months ended
                                 ---------------------- ---------------------
                                    June 30,   June 30,   June 30,   June 30,
                                       2009       2008       2009       2008
                                 ----------- ---------- ---------- ----------
    Net income (loss)             $    (0.4) $    60.4  $    10.8  $   107.2
    Foreign currency translation
     adjustments                       26.1        1.9       17.0       (9.3)
                                 ----------- ---------- ---------- ----------
    Comprehensive income          $    25.7  $    62.3  $    27.8  $    97.9
                                 ----------- ---------- ---------- ----------
                                 ----------- ---------- ---------- ----------


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

                                    Three months ended      Six months ended
                                 ---------------------- ---------------------
                                    June 30,   June 30,   June 30,   June 30,
                                       2009       2008       2009       2008
                                 ----------- ---------- ---------- ----------
    Operating Activities
    Net income (loss)             $    (0.4) $    60.4  $    10.8  $   107.2
    Items not affecting cash:
      Depreciation, depletion
       and amortization                12.2        9.9       24.2       17.6
      Accretion expense                 0.4        0.4        0.7        1.1
      Amortization of finance fees        -        4.8          -        5.4
      Stock-based compensation          4.0        6.5        5.4        8.2
      Future income taxes
       (recoverable)                   (4.7)       1.8      (10.3)      (4.5)
      Unrealized loss (gain) on
       derivative instruments           1.5       (2.4)       1.7       (1.4)
    Change in non-cash working
     capital                            0.4      (18.5)      25.5       (7.3)
                                 ----------- ---------- ---------- ----------
        Cash generated by
         operating activities          13.4       62.9       58.0      126.3
                                 ----------- ---------- ---------- ----------
    Investing Activities
    Short-term investments            (81.5)         -     (181.9)         -
    Property, plant and equipment     (13.7)     (20.5)     (41.3)     (28.6)
    Deferred stripping costs           (7.1)     (10.1)     (14.4)     (12.9)
    Restricted cash                    (1.0)      (1.5)      (1.8)      (3.9)
    Reclamation deposit                (0.2)      (0.3)      (2.5)      (0.5)
    Acquisition cost                      -          -          -     (100.0)
                                 ----------- ---------- ---------- ----------
        Cash used in investing
         activities                  (103.5)     (32.4)    (241.9)    (145.9)
                                 ----------- ---------- ---------- ----------
    Financing Activities
    Proceeds from issuance
     of common shares                   3.7      223.4        3.7      223.8
    Repayment of long-term debt        (1.4)    (220.0)      (2.7)    (237.4)
                                 ----------- ---------- ---------- ----------
        Cash generated (used) by
         financing activities           2.3        3.4        1.0      (13.6)
                                 ----------- ---------- ---------- ----------
    Effect of exchange rate
     changes on cash                    5.0       (2.1)       2.4       (1.2)
                                 ----------- ---------- ---------- ----------
    Increase (decrease) in cash
     and cash equivalents             (82.8)      31.8     (180.5)     (34.4)
    Cash and cash equivalents,
     beginning of period              160.3       47.5      258.0      113.7
                                 ----------- ---------- ---------- ----------
    Cash and cash equivalents,
     end of period                $    77.5  $    79.3  $    77.5  $    79.3
                                 ----------- ---------- ---------- ----------
                                 ----------- ---------- ---------- ----------
    





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

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Thompson Creek Metals Company Inc.

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