Thompson Creek adjusts operations in Idaho

Thompson Creek Metals is looking to save money at their Idaho mine and hope to maintain momentum on construction of Mount Milligan.

  • Oct. 3, 2012 8:00 a.m.

Thompson Creek Metals is looking to save money at their Idaho mine and hope to maintain momentum on construction of Mount Milligan.

The company will be stopping stripping for their next production phase at their Idaho mine.

The company announced the plan last week and said it will save in operational costs at their Thomspon Creek mine as molybdenum prices remain low.

Production will still be taking place at the mine, however, and the halting of stripping activity is expected to save $100 million in operating costs and $8-9 million in capital expenditures for the company.

The workforce at the mine will be reduced by 100 employees.

Production at the mine will continue through 2014, and stripping could be restarted if market conditions are favourable, and if stripping is not restarted, the mine will be mothballed in 2015.

“As a result of continuing weakness and uncertainty in the world economy, we have decided to reduce our costs, strengthen our balance sheet, and conserve cash, said Kevin Loughrey, chairman and chief executive officer of Thompson Creek in the release. “This will allow for greater certainty in accessing our existing financings in order to complete the development of Mt. Milligan, while we preserve the assets at Thompson Creek until market conditions strengthen.”

Mount Milligan is reportedly on schedule and within their $1.5 billion budget.

The mine is expected to begin commissioning in the second quarter of 2013 and be in full production by the fourth quarter of 2013.

Just Posted

B.C. chiefs show solidarity with Wet’suwet’en hereditary chiefs

Chiefs from around B.C. outside the Coastal GasLink pipeline route in Smithers show support.

Woman killed in head-on crash near Vanderhoof

RCMP say driver crossed the centre line and hit a loaded fuel tanker truck

RCMP to review actions at Wet’suwet’en pipeline protest camps

Senior Mountie says he hopes protests will be peaceful following deal with hereditary chiefs

‘Tripod’ delays access to Unist’ot’en camp

Social media rumours of cultural significance quashed, meaning police “exclusion zones” should end.

Hereditary chiefs negotiate injunction agreement

Wet’suwet’en hereditary chiefs abide by interim injunction, but gate stays up. Still opposed.

Self serve doggy-wash poised to change dog grooming industry

Add money, start spraying to wash dog in the K9000

Federal Liberals announce former B.C. MLA as new candidate in byelection

Richard Lee will face off against federal NDP leader Jagmeet Singh

No winning ticket in $10 million Lotto Max jackpot

No win in Friday night’s draw means the next Lotto Max draw will be approximately $17 million

Scientists ID another possible threat to orcas: pink salmon

For two decades, significantly more of the whales have died in even-numbered years than in odd years

Burnaby byelection turmoil sparks debate about identity issues in politics

The Liberals still have not said whether they plan to replace Wang, who stepped aside Wednesday

B.C. woman planned to donate a kidney to her husband, then found out she has cancer

Richard Stuart needs a kidney, his wife Tracy has been diagnosed with cancer

Rookie Demko backstops Canucks to 4-3 win over Sabres

Young Vancouver goalie makes 36 saves to turn away Buffalo

Charges upgraded against mother of murdered B.C. girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Most Read