Thompson Creek considering closures

Thompson Creek Metals Co. is considering closing their molybdenum mines.

Thompson Creek Metals Co. is considering closing their molybdenum mines.

The company, which owns Mount Milligan, the gold-copper mine between Fort St. James and Mackenzie.

The company owns two molybdenum mines, Thompson Creek in Idaho and Endako near Fraser Lake.

The falling price of molybdenum may force the company to close the two molybdenum mines, according to a recent statement by CEO Jacques Perron.

Perron said if the price of molybdenum oxide falls below $9 a pound the company will have trouble keeping the mines open.

The price of molybdenum oxide was at $9.57 last week and had dropped 18 per cent this year.

Should the closures become necessary, the mines would be mothballed until the price rose to a more lucrative $13 or $14 a pound to restart.