https://www.engineeringnews.co.za

Thompson Creek Metals improves full year performance, revenue up 86%

20th February 2015

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Denver, Colorado-based Thompson Creek Metals has improved headline earnings for the year ended December 31, as its new Mount Milligan copper/gold mine, in British Columbia, almost put in a full year of commercial production, providing respite from low molybdenum prices.

The NYSE- and TSX-listed company, which reports results in US dollars, on Thursday said it booked adjusted net income for 2014 of $54.6-million, or $0.25 a share, compared with an adjusted net loss for 2013 of $5-million, or $0.03 a share.

For the three months ended December 31, the company reported an adjusted net loss of $10-million, or $0.05 a share, more than average analyst expectations of $0.02 a share, derived on revenue of $159.22-million.

Consolidated revenue for the three-month period was $168-million, up 43% year-on-year when compared with $168-million a year earlier.

For the full year, the company reported an 86% increase in revenues to $806.7-million, up from $434.4-million in the comparable period.

Thompson Creek president and CEO Jacques Perron said the quarter brought challenges to the mining industry with falling copper and molybdenum prices.

Despite the Thompson Creek and Endako mines not currently being in operation, the company expected to generate enough revenue from the conversion of third-party material at the Langeloth metallurgical facility, in Pennsylvania, and sales of inventory from its molybdenum mines to have positive cash flow from the molybdenum business in 2015.

The company, at the end of December, suspended operations at the Endako mine, in British Columbia, and the Thompson Creek mine, in Idaho, as a result of the continued weakness in the molybdenum market.

However, the company in February last year declared commercial production at the Mount Milligan mine, with copper and gold sales accounting for $350.7-million in revenue in 2014, compared to $14.3-million in 2013.

Payable output at the Mount Milligan mine for 2014 was 64.6-million pounds of copper and 177 606 oz of gold, compared with 2013 payable output of 10.4-million pounds of copper and 19 879 oz of gold.

The company’s NYSE-listed stock rose almost 4% in after-market trading to $1.56 apiece.

Edited by Tracy Hancock
Creamer Media Contributing Editor

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
Goodwin Submersible Pumps Africa (Pty) Ltd
Goodwin Submersible Pumps Africa (Pty) Ltd

Goodwin Submersible Pumps Africa is sole distributors for Goodwin electrically driven, submersible, abrasion resistance slurry pumps.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.067 0.119s - 156pq - 2rq
Subscribe Now