Back in the summer of 2012, Kevin Loughrey, then chairman and CEO of Thompson Creek Metals Company (TSX:TCM,NYSE:TC), described the company's copper-gold Mt. Milligan project as "a cash burden ... but one I think that will pay off over time." Acquired via the company's 2010 purchase of Terrane Metals, Mt. Milligan was "initially lauded by the market" for its potential to help Thompson Creek diversify away from moly, The Globe and Mail states. However, problems arose when the company revealed that it would cost more to build the project than expected; they were compounded by investor disapproval of how the required money would be raised. Unfortunately, those aren't the only issues Thompson Creek has faced of late. Commercial production from Mt. Milligan, initially slated for 2013, wasn't achieved until February this year, and the company said earlier this year that due to weak moly prices it will likely be putting its Thompson Creek mine on care and maintenance in Q4. Poised for a turnaround? That's a lot of negativity for one company, but those watching Thompson Creek seem to believe it's set to turn the corner. Summing up that sentiment, The Motley Fool's Robert Baillieul noted earlier this week, "[a]fter years of losses, things are finally starting to look up for the troubled miner. With the ramp-up of the company's Mt. Milligan copper and gold mine, the company is poised to return to profitability." Yesterday's release of the company's Q2 financial results adds clout to Baillieul's prediction. Indeed, Jacques Perron, current CEO and director of Thompson Creek, summed them up in a conference call this morning by stating, "we had a very good quarter and are pleased with our improving safety performance, operational results and ending cash position."
Back in the summer of 2012, Kevin Loughrey, then chairman and CEO of Thompson Creek Metals Company (TSX:TCM,NYSE:TC), described the company's copper-gold Mt. Milligan project as "a cash burden ... but one I think that will pay off over time." Acquired via the company's 2010 purchase of Terrane Metals, Mt. Milligan was "initially lauded by the market" for its potential to help Thompson Creek diversify away from moly, The Globe and Mail states. However, problems arose when the company revealed that it would cost more to build the project than expected; they were compounded by investor disapproval of how the required money would be raised. Unfortunately, those aren't the only issues Thompson Creek has faced of late. Commercial production from Mt. Milligan, initially slated for 2013, wasn't achieved until February this year, and the company said earlier this year that due to weak moly prices it will likely be putting its Thompson Creek mine on care and maintenance in Q4. Poised for a turnaround? That's a lot of negativity for one company, but those watching Thompson Creek seem to believe it's set to turn the corner. Summing up that sentiment, The Motley Fool's Robert Baillieul noted earlier this week, "[a]fter years of losses, things are finally starting to look up for the troubled miner. With the ramp-up of the company's Mt. Milligan copper and gold mine, the company is poised to return to profitability." Yesterday's release of the company's Q2 financial results adds clout to Baillieul's prediction. Indeed, Jacques Perron, current CEO and director of Thompson Creek, summed them up in a conference call this morning by stating, "we had a very good quarter and are pleased with our improving safety performance, operational results and ending cash position."