TSX: TCM, TCM.WT
TORONTO, June 8 /CNW/ - Thompson Creek Metals Company Inc. ("Company"),
one of the world's largest publicly traded, pure molybdenum producers, today
announced changes to its 2009 estimates for molybdenum sales, molybdenum
production and cash production costs.
"In response to the recent improvements in the molybdenum market, the
Company is making operational adjustments at its mines that will result in
molybdenum production and sales in 2009 being approximately 10% higher than
previously announced estimates," said Kevin Loughrey, Chairman and Chief
"These operational adjustments include the shortening of the planned
shutdown period this summer to two weeks from one month for the milling
operations at the Thompson Creek and Endako mines.
"We will continue for the time being with the other main production
adjustment we announced in February 2009, namely the reduction in the Thompson
Creek mill operation to 70% of capacity (a 10 days on, four days off
schedule). However, we will be monitoring market conditions and we intend to
remain flexible and ready to adjust our production again in the future."
The Company now expects production and sales of molybdenum from its own
mines will be in a range of 22 to 26 million pounds in 2009, up from previous
guidance of 20 to 24 million pounds.
Molybdenum production at the Thompson Creek Mine is expected to be 16 to
18 million pounds (compared to previous guidance of 15 to 17 million pounds)
and the Company's 75% share of production at the Endako Mine is now estimated
at 6 to 8 million pounds (compared to previous guidance of 5 to 7 million
The Company's 2009 cash production costs are currently estimated in the
range of $5.75 to $7.00 per pound of molybdenum produced, down from a
previously estimated range of $6.25 to $7.25 per pound, with costs at the
Thompson Creek Mine expected to be approximately $5.50 to $6.50 per pound
(compared to previous guidance of $6.00 to $7.00 per pound) and costs at the
Endako Mine expected to be approximately $6.50 to $7.50 per pound (compared to
previous guidance of $7.00 to $8.00 per pound). This assumes a US$/Cdn$
exchange rate of 1.15 (compared to previous guidance of 1.20).
The revised 2009 Thompson Creek Mine cash production costs include
approximately $30 million of stripping costs related to future planned
production phases, amounting to $1.65 to $1.90 per pound produced (compared to
previous guidance of $1.75 to $2.00 per pound produced). The 2009 Endako Mine
operating plan has minimal stripping costs. All costs estimates are in U.S.
Mr. Loughrey is scheduled to make a presentation at 11 a.m. Eastern on
Tuesday, June 9, 2009, to investors attending RBC Capital Markets' 2009 Global
Mining and Materials Conference in Toronto. A webcast of the presentation will
be available at www.thompsoncreekmetals.com and also at
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 has two
high-grade underground molybdenum deposits, the Davidson Deposit near
Smithers, B.C., and the Mount Emmons Deposit near Crested Butte, Colorado. The
Company is continuing to pursue permitting of the Davidson Project and is
evaluating the Mount Emmons Deposit. The Company has approximately 750
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.
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, firstname.lastname@example.org; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989, email@example.com