Thompson Creek Metals financials improve

Thompson Creek Metals reported their third quarter financials for 2013 last week.

Thompson Creek Metals reported their third quarter financials for 2013 last week.

The company had improved significantly in some areas compared to the year prior.

The start-up phase of Mount Milligan had just come in September, making some impact, and improvements in Endako production also helped.

Compared to the same period in 2012, molybdenum production had increased 39 per cent at the company’s two molybdenum mines, one of which is Endako.

The average cost of producing the molybdenum had also decreased and the company had increased sales of molybdenum as well 47 per cent.

The company reported an operating income of $4.5 million as opposed to the previous year’s operating loss of $37.2 million.

Jacques Perron, Chief Executive Officer of Thompson Creek, said, “We are pleased to report the start-up at Mt. Milligan in September 2013, which resulted in the initial production of 1.1 million pounds of copper, 1,997 ounces of gold and 7,046 ounces of silver, each in concentrate.”

Investorplace online, however, still reported Thompson Creek Metals as being a “strong sell.” WKRB News and Analysis online rated the company as “hold.”