Thompson Creek announces changes to 2009 operating plans
08 Juni 2009 - 11:15PM
PR Newswire (US)
NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, June 8
/PRNewswire-FirstCall/ -- 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 Executive Officer. "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 pounds).
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. dollars. 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
http://www.thompsoncreekmetals.com/ and also at
http://www.wsw.com/webcast/rbc109/tcm.to/. 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
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, Toll free:
1-800-827-0992, ; 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,
Toll free: 1-800-827-0992, ; Dan Symons, Renmark Financial
Communications Inc., Tel.: (514) 939-3989,
Copyright