Thompson Creek changes production guidance for 2009
27 Januar 2009 - 1:00PM
PR Newswire (US)
NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, Jan. 27
/PRNewswire-FirstCall/ -- Thompson Creek Metals Company Inc. (the
"Company"), one of the world's largest publicly traded, pure
molybdenum producers, today announced that due to unfavorable
market conditions and reduced demand for molybdenum, the Company
intends to reduce molybdenum production in 2009 from levels that
were previously planned. The Company is currently reviewing
adjustments to production plans and at this time anticipates total
molybdenum production of 20 to 24 million pounds in 2009, down from
previous guidance of 31.5 to 34 million pounds. "In response to the
downturn in worldwide economic activity, the Company decided in
December 2008 to reduce planned capital expenditures as part of an
initiative to conserve cash and we are now taking the added step of
reducing production levels," said Kevin Loughrey, Chairman and
Chief Executive Officer. "We are currently planning a temporary
shutdown for about a month this summer in mining activity at both
the Thompson Creek and Endako mines and there will be other
production changes about which we will provide details at a later
date after they are decided. The Company intends to remain flexible
and adjust production as needed in response to changing market
conditions." 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 evaluating two
high-grade underground molybdenum deposits, the Davidson Deposit
near Smithers, B.C., and the Mount Emmons Deposit near Crested
Butte, Colorado. 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
http://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 http://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 http://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 http://www.sedar.com/ and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at
http://www.sec.gov/ and subsequent continuous disclosure documents
available at http://www.sedar.com/ and http://www.sec.gov/ for
further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
CONTACT: Wayne Cheveldayoff, Director of Investor Relations,
Thompson Creek Metals Company Inc., Tel.: (416) 860-1438, ; Dan
Symons, Renmark Financial Communications Inc., Tel.: (514)
939-3989, DATASOURCE: Thompson Creek Metals Company Inc. CONTACT:
Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek
Metals Company Inc., Tel.: (416) 860-1438, ; Dan Symons, Renmark
Financial Communications Inc., Tel.: (514) 939-3989,
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