This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Thompson Creek Metals Company Provides Update On Slough At Its Thompson Creek Mine And Production At Its Endako Mine

Stocks in this article: TC TCM

NYSE: TC TSX: TCM

DENVER, June 28, 2012 /PRNewswire/ - Thompson Creek Metals Company Inc., a growing, diversified North American mining company (the "Company" or "Thompson Creek"), today reported that it currently expects the previously announced wall slough at the Thompson Creek Mine to have a negative impact on second quarter 2012 production.  The Company anticipates production from the Thompson Creek Mine for the second quarter to be approximately 2.5 million pounds of molybdenum.  The Company also expects that the slough will have a negative impact on cash costs of production for the Thompson Creek Mine for the quarter.  The Company believes that the impact of the slough on total production from the Thompson Creek Mine for 2012 will not be material, as the Company plans to mine higher-grade ore in the second half of the year at Thompson Creek Mine to address the unexpected second quarter shortfall in production.  The Company believes that the Thompson Creek Mine will produce approximately 16 million pounds of molybdenum in 2012.

As previously reported, the Company believes the slough resulted from water pressure behind the wall due to seasonal run-off.  There were no injuries or equipment damage as a result of the slough.  When the slough occurred, the Company believed that the slough material could be removed with appropriate mining methods within a matter of days and that disruption to the mine plan for the quarter would not be significant.  Soon afterward, unexpected regulatory requirements required the Company to cease mining in the area of the slough.  The Company developed a new access road to other Phase 7 material shortly after the slough occurred and mining continues within Phase 7, working around the slough.  The Company has revised its mine plan for Thompson Creek Mine for the remainder of 2012 and, pursuant thereto, has begun to mine higher-grade Phase 7 material.

The Company also anticipates that recovery of molybdenum at the its Endako Mine will not meet the design specifications of the new mill facility during the second quarter of 2012 and believes that the ore grade at the Endako Mine during the quarter will not meet budgeted levels.  The Company expects the aforementioned issues will have a negative impact on production and cash costs of production at the Endako Mine for the second quarter.  Management has convened a team consisting of outside subject matter experts and internal technical specialists to evaluate these issues and address them as soon as possible.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs