NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, Nov. 5
/PRNewswire-FirstCall/ -- Overview (all in U.S. dollars): - Net
income in the third quarter was $19.7 million or $0.16 per basic
and $0.14 per diluted share, compared with a net loss in the second
quarter of $0.4 million or $0.00 per basic and diluted common
share. The improved financial results were due to both higher
realized prices and an increase in sales of molybdenum from the
Company's mines to 7.4 million pounds in the third quarter from 6.5
million in the second quarter. - Molybdenum production was 6.2
million pounds in the third quarter of 2009, down from 6.7 million
pounds in the second quarter. The reduction was due to a planned
two-week shutdown of both mines during the third quarter. -
Weighted-average cash cost per pound produced rose to $5.67 per
pound in the third quarter from $5.21 per pound in the second
quarter. - 2009 guidance for molybdenum production has been revised
to 24 to 26 million pounds (versus previous guidance of 22 to 26
million pounds). Sales of molybdenum produced at the Company's
mines this year are expected to be 26 to 27 million pounds (up from
previous guidance of 22 to 26 million pounds). The guidance range
for cash cost per pound produced has been narrowed to $5.80 to
$6.30 per pound (from previous guidance of $5.75 to $7.00 per
pound). - For 2010, the Company expects molybdenum production will
be 29 to 32 million pounds and cash cost per pound produced is
estimated at $6 to $7 per pound. Sales of molybdenum produced at
the Company's mines are expected to be 27 to 30 million pounds. -
Total cash, cash equivalents and short-term investments at
September 30, 2009 were $478.2 million, including $194.6 million in
net proceeds from an equity issue completed in the third quarter.
Total debt at quarter-end was $14.3 million. - Average realized
price on molybdenum and upgraded product sales was $12.75 per pound
in the third quarter, up from $9.41 per pound in the second quarter
and $10.14 per pound in the first quarter of 2009. - Total capital
expenditures were $47.5 million in the first nine months of 2009
and guidance for the full year has been revised to $61 million
(from previous guidance of $80 million). Note: A conference call
and webcast for analysts and investors is scheduled for Friday,
November 6, 2009 at 8:30 a.m. Eastern. Thompson Creek Metals
Company Inc. ("Company"), one of the world's largest publicly
traded, pure molybdenum producers, today announced financial
results for the three and nine months ended September 30, 2009
prepared in accordance with Canadian generally accepted accounting
principles. All dollar amounts are in U.S. dollars unless otherwise
indicated. "Thompson Creek's financial results improved in the
third quarter primarily due to higher molybdenum prices," said
Kevin Loughrey, Chairman and Chief Executive Officer. "In addition,
our mining operations remained on track to achieve annual
production and cost guidance that we had previously announced for
2009. "Due to the improved outlook for molybdenum market
fundamentals, the Company intends to operate the mill at the
Thompson Creek Mine at full capacity starting in January 2010 (up
from 78% of full capacity currently), and we expect that this will
result in an increase of over 20% in the Company's annual
molybdenum production to a range of 29 to 32 million pounds in 2010
from 24 to 26 million pounds in 2009." Third-Quarter Financial
Results The Company's revenues declined by 65% to $114.4 million in
the third quarter of 2009 from $331.1 million a year earlier
primarily due to a 61% decline in the average realized price for
molybdenum and upgraded products to $12.75 per pound from $32.85
per pound. Sales volume for molybdenum produced at the Company's
mines was 8% higher at 7.4 million pounds in the third quarter
versus 6.9 million pounds a year earlier. After the deduction of
operating, selling, marketing, depreciation, depletion,
amortization and accretion costs, the Company generated income from
mining and processing operations totaling $43 million in the third
quarter, down from $159 million a year earlier. Third-quarter net
income was $19.7 million or $0.16 per basic and $0.14 per diluted
common share, compared with $100.6 million or $0.80 per basic and
$0.74 per diluted common share in the third quarter of 2008. The
per-share figures are based on a weighted-average number of shares
outstanding of 125.9 million basic and 136.2 million diluted in the
third quarter of 2009, compared with 125.0 million basic and 136.8
million diluted in the third quarter of 2008. At November 5, 2009,
there were 139.2 million common shares, 24.5 million warrants and
5.1 million employee options outstanding. Third-quarter cash flow
from operating activities was $28.6 million, compared with $110.3
million a year earlier. Selected Consolidated Operations
Information (Unaudited) Three months ended Nine months ended
September 30 September 30 ---------------------------------------
2009 2008 2009 2008 ---------------------------------------
Operations Molybdenum production from mines (000's lb)(1) 6,221
6,499 18,992 18,272 Cash cost ($/lb produced)(2) $ 5.67 $ 7.33 $
5.59 $ 8.11 Molybdenum sold (000's lb) Thompson Creek Mine and
Endako Mine production 7,445 6,879 20,499 15,791 Product purchased,
processed and resold 1,324 3,044 3,219 9,116 --------- ---------
--------- --------- 8,769 9,923 23,718 24,907 --------- ---------
--------- --------- Average realized price ($/lb) $ 12.75 $ 32.85 $
10.90 $ 32.75 (1) Mined production pounds are molybdenum oxide and
high performance molybdenum disulfide ("HPM") from the
Corporation's share of the production from the mines; excludes
molybdenum processed from purchased product. (2) Weighted-average
of Thompson Creek Mine and Endako Mine cash costs (mining, milling,
roasting and packaging) for molybdenum oxide and HPM produced in
the period, including all stripping costs. Cash cost excludes: the
effect of purchase price adjustments, the effects of changes in
inventory, and depreciation, depletion, amortization and accretion.
The cash cost for Thompson Creek, which only produces sulfide on
site, includes an estimated molybdenum loss and an allocation of
roasting and packaging costs from the Langeloth Metallurgical
Facility, and the transportation cost from Thompson Creek to
Langeloth. Capital expenditures totaled $12.8 million in the third
quarter of 2009, comprised of $7 million of sustaining capital
expenditures and $5.8 million for the Company's 75% share of
capital expenditures for the Endako mill expansion. Cash, cash
equivalents and short-term investments were $478.2 million on
September 30, 2009, compared with $262 million at June 30, 2009. On
September 16, 2009, the Company completed an equity issue of 15.5
million shares and received $194.6 million in net proceeds. The
Company's total debt (primarily equipment loans) on September 30,
2009 was $14.3 million, compared with $15.6 million on June 30,
2009. The Company's mines produced 6.2 million pounds of molybdenum
in the third quarter, down from 6.5 million pounds in the third
quarter of 2008. There was a planned two-week shutdown at both
mines during the third quarter of 2009. The Thompson Creek Mine
produced 4.4 million pounds, up from 4.3 million pounds a year
earlier, while the Company's 75% share of the Endako Mine's
production was 1.8 million, compared with 2.2 million pounds a year
earlier. The weighted-average cash cost per pound produced was
$5.67 per pound in the third quarter of 2009, compared with $7.33
per pound a year earlier. The decline was primarily due to
increased production as a result of higher ore grades and
recoveries at the Thompson Creek Mine together with lower mining
and milling costs at both of the Company's mines in the third
quarter compared to the 2008 quarter, and lower costs for grinding
media and consumables. The cash costs include production costs for
the mining, milling, roasting and packaging of molybdenum oxide and
high-performance molybdenum disulfide (HPM) and deferred stripping
costs (mining costs related to future planned production phases).
At the Thompson Creek Mine, cash cost per pound produced in the
third quarter was $5.35 per pound (including deferred stripping
costs of $0.99 per pound), compared with $7.38 per pound (including
deferred stripping costs of $1.80 per pound) a year earlier. The
Endako Mine's cash cost per pound produced was $6.47 per pound,
compared with $7.23 per pound a year earlier. There were minimal
deferred stripping costs at Endako. Summary of Quarterly Results
(US$ in millions except per pound and per share amounts -
Unaudited) Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 2008 2008 2009 2009
2009 ------------------------------------------------- Operations
Mined molybdenum production (000's lb) 6,499 7,773 6,057 6,714
6,221 Cash cost ($/lb produced)(1) $7.33 $6.01 $5.93 $5.21 $5.67
Molybdenum sold (000's lb): Thompson Creek Mine and Endako Mine
production sold 6,879 6,558 6,549 6,505 7,445 Product purchased,
processed and resold 3,044 1,565 898 997 1,324
------------------------------------------------- 9,923 8,123 7,447
7,502 8,769 -------------------------------------------------
Average realized price ($/lb) $32.85 $21.72 $10.14 $9.41 $12.75
Financial Revenue $331.1 $181.6 $78.9 $73.8 $114.4 Income from
mining and processing $159.0 $88.5 $12.0 $15.3 $43.0 Net income
(loss) $100.6 $(24.6) $11.2 $(0.4) $19.7 Income (loss) per share -
basic $0.80 $(0.20) $0.09 $(0.00) $0.16 - diluted $0.74 $(0.20)
$0.09 $(0.00) $0.14 Cash flow generated by operating activities
$110.3 $181.0 $44.7 $13.4 $28.6 Nine-Month Financial Results The
Company's revenues in the first nine months of 2009 totaled $267.1
million, or 68% lower than the $829.8 million recorded a year
earlier. After the deduction of operating, selling, marketing,
depreciation, depletion, amortization and accretion costs, the
Company generated income from mining and processing operations
totaling $70.4 million the first nine months, down from $341.7
million a year earlier. Net income was $30.5 million or $0.25 per
basic and $0.24 per diluted common share, compared with $207.8
million or $1.75 per basic and $1.56 per diluted share in the
year-earlier period. The per-share figures are based on a
weighted-average number of shares outstanding of 123.5 million
basic and 125.1 diluted shares in the first nine months of 2009,
compared with 118.5 million (basic) and 133.2 million (diluted) a
year earlier. Cash flow from operating activities in the first nine
months of 2009 was $86.5 million, compared with $236.6 million a
year earlier. Capital expenditures totaled $47.5 million in the
first nine months of 2009, comprised of $32.2 million of sustaining
capital expenditures and $15.3 million for the Company's 75% share
of capital expenditures for the Endako mill expansion. Outlook The
Company's realized sales price averaged $12.75 per pound for the
2009 third quarter and $10.90 per pound for the first nine months
of 2009. The realized price reflects sales of molybdenum oxide as
well as upgraded product sales. Based on current market trends, the
Company expects its average realized price for the fourth quarter
of 2009 to be essentially unchanged from the third quarter of 2009.
The Company has forward sales contracts for approximately 1.5
million pounds at an average fixed price of $12.63 per pound for
molybdenum oxide over the remainder of the year. For 2009, the
Company's sales of molybdenum produced from its own mines are
expected to be 26 to 27 million pounds (versus previous guidance on
June 8, 2009 of 22 to 26 million pounds) with sales of molybdenum
purchased, processed and resold for 2009 expected to be 3 to 4
million pounds (unchanged from previous guidance on June 8, 2009).
Molybdenum production in 2009 is estimated to be 24 to 26 million
pounds (versus previous guidance on June 8, 2009 of 22 to 26
million pounds). Expected production from the Thompson Creek Mine
is 17 to 18 million pounds (versus previous guidance of 16 to 18
million pounds), and the Company's 75% share of Endako Mine's
expected production is 7 to 8 million pounds (versus previous
guidance of 6 to 8 million pounds). The average cash cost per pound
produced in 2009 is estimated at $5.80 to $6.30 per pound (versus
previous guidance on June 8, 2009 of $5.75 to $7 per pound), with
the Thompson Creek Mine's cash cost expected to be approximately
$5.75 to $6.25 per pound (versus previous guidance of $5.50 to
$6.50 per pound) and the Endako Mine's cash cost estimated at $6 to
$6.50 per pound (versus previous guidance of $6.50 to $7.50 per
pound). This assumes a US$1 = C$1.05 exchange rate for the fourth
quarter of 2009. The estimated Thompson Creek Mine cash cost per
pound produced for the 2009 fourth quarter and fiscal year is
expected to increase reflecting increased labor costs resulting
from a change in the mill operating schedule (currently an eleven
days on, three days off schedule effective September 2009, up from
a previous ten days on, four days off schedule, and going to a full
seven day, twenty-four hour schedule effective January 1, 2010),
and due to slightly lower production and higher repairs and
maintenance expenses in the fourth quarter. The 2009 estimated
Thompson Creek Mine cash cost per pound produced includes
approximately $25 million of stripping costs related to future
planned production phases, totalling approximately $1.40 to $1.50
per pound (versus previous guidance of approximately $30 million on
June 8, 2009, totalling approximately $1.65 to $1.90 per pound).
The 2009 Endako Mine operating plan has minimal stripping costs.
For 2009, the Company's share of estimated sustaining capital
expenditures at both mines and the Langeloth Metallurgical Facility
are expected to be approximately $32 million (down from previous
guidance on May 7, 2009 of approximately $38 million). The
Company's 75% share of the Endako expansion capital expenditures
are expected to be approximately $29 million (versus previous
guidance on August 6, 2009 of $42 million). 2010 Outlook
------------ For 2010, the Company expects molybdenum production
volumes to be 29 to 32 million pounds, with the Thompson Creek Mine
producing 22 to 24 million pounds and the 75% share of the Endako
Mine production at 7 to 8 million pounds. The anticipated average
cash cost per pound produced is estimated at $6 to $7 per pound,
with the Thompson Creek Mine at $5.50 to $6.50 per pound and the
Endako Mine at $7 to $8 per pound (assuming a US$1 = C$1.05
exchange rate). For the Endako Mine, a $0.01 change in the Canadian
foreign exchange rate results in a $0.10 change in the direct
production cost per pound produced. The Company expects to sell 27
to 30 million pounds from its own mines in 2010. The Company has
some discretion in building or depleting inventory levels depending
upon the economic conditions and the related demand and sales
prices for molybdenum. For 2010, the Company currently has
fixed-price forward sales contracts for approximately 1.2 million
pounds at an average fixed price of $15.15 per pound for molybdenum
oxide. In the third quarter of 2009, the Company's Board of
Directors approved the resumption of the mill expansion project at
its 75%-owned Endako Mine (subject to the joint venture partner
approval). The expansion project had been postponed in late 2008.
As of November 5, 2009, the Company has selected an engineering,
procurement and construction management contractor and is currently
reviewing and refining the project's scope, schedule, capital
estimates and project execution plan. The Corporation is
considering process enhancements and project scope changes to
facilitate future operating efficiencies which may result in higher
capital costs than were originally anticipated upon the resumption
of the project. The new schedule and capital cost estimate are
expected to be completed by the end of 2009. Permitting required by
the expansion is proceeding, including the development of a closure
plan for expanded dumps and tailing facilities and minor amendments
to the Mining Act permit. Consultations with First Nations (local
Aboriginal peoples) are proceeding. This process will have to be
completed before permit amendments and any new permits are
approved. The Company expects to conduct development and
exploration drilling at its operating mines totalling $2 to $4
million during 2010. In 2010, the Company expects to spend
approximately $7 to $9 million under the option agreement with U.S.
Energy on the Mt. Emmons Project for an ongoing pre-feasibility
study, further engineering evaluations, and ongoing project
maintenance. The Company expects for 2010 to have minimal
expenditures on the Davidson Project related to ongoing
environmental assessments. Accounting Change The Company has
determined that as of June 30, 2009 more than 50% of its
outstanding shares were held by US residents. Therefore, the
Company will be required to comply with US Securities and Exchange
Commission public reporting filing requirements as of January 1,
2010. As a result, the Company will prepare its 2009 consolidated
financial statements in accordance with US generally accepted
accounting principles ("US GAAP") instead of Canadian GAAP. When
the Company prepares its consolidated financial statements in
accordance with US GAAP, the Company will not be required to adopt
International Financial Reporting Standards on January 1, 2011. The
conversion to US GAAP will impact the Company's accounting policies
and disclosure controls and procedures. The primary differences
between Canadian GAAP and US GAAP are the current period expensing
of stripping costs, liability treatment and mark-to-market
accounting for the Company's warrants and the financial statement
presentation of stock compensation in the Company's consolidated
statements of income. Additional information on the Company's
financial position is available in Thompson Creek's Financial
Statements and Management's Discussion and Analysis for the period
ended September 30, 2009, which will be filed with SEDAR
(http://www.sedar.com/) and EDGAR (http://www.sec.gov/), and posted
on the Company's website (http://www.thompsoncreekmetals.com/).
Conference call and webcast Thompson Creek will hold a conference
call for analysts and investors to discuss its third-quarter 2009
financial results on Friday, November 6, 2009 at 8:30 a.m.
(Eastern). Kevin Loughrey, Chairman and Chief Executive Officer,
and Pamela Saxton, Chief Financial Officer, will be available to
answer questions during the call. To participate in the call,
please dial 416-644-3425 or 1-800-589-8577 about five minutes prior
to the start of the call. A live audio webcast of the conference
call will be available at http://www.newswire.ca/ and
http://www.thompsoncreekmetals.com/. An archived recording of the
call will be available at 416-640-1917 or 1-877-289-8525 (Access
code 4169885 followed by the number sign) from 10:30 a.m. on
November 6 to 11:59 p.m. on November 13. An archived recording of
the webcast will also be available at Thompson Creek's website.
About Thompson Creek Metals Company Inc. Thompson Creek Metals
Company Inc. is one of the largest publicly traded, pure molybdenum
producers in the world. The Company owns the Thompson Creek
open-pit molybdenum mine and mill in Idaho, a metallurgical
roasting facility in Langeloth, Pennsylvania and a 75% share of the
Endako open-pit mine, mill and roasting facility in northern
British Columbia. Thompson Creek is evaluating the Mount Emmons
Deposit, a high-grade underground molybdenum deposit near Crested
Butte, Colorado. Thompson Creek has an option to acquire up to 75%
of the property. The Company is continuing to pursue permitting of
the Davidson Deposit, a high-grade underground molybdenum deposit
near Smithers, B.C. The Company has approximately 750 employees.
Its principal executive office is in Denver, Colorado, and it also
has an office in Toronto, Ontario. More information is available at
http://www.thompsoncreekmetals.com/. Cautionary Note Regarding
Forward-Looking Statements
---------------------------------------------------- This news
release contains "forward-looking information" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation which may
include, but is not limited to, statements with respect to the
timing and amount of estimated future production. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Thompson Creek and/or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include those factors
discussed in the section entitled "Risk Factors" in Thompson
Creek's current annual information form which is available on SEDAR
at http://www.sedar.com/ and is incorporated in its Annual Report
on Form 40-F filed with the United States Securities and Exchange
Commission which is available at http://www.sec.gov/. Although
Thompson Creek has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable
securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. Readers should refer to
Thompson Creek's current annual information form which is available
on SEDAR at http://www.sedar.com/ and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at
http://www.sec.gov/ and subsequent continuous disclosure documents
available at http://www.sedar.com/ and http://www.sec.gov/ for
further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
Consolidated Balance Sheets (US dollars in millions - Unaudited)
September 30, December 31, 2009 2008 -------------- -------------
Assets Current assets Cash and cash equivalents $ 303.5 $ 258.0
Short-term investments 174.7 - Accounts receivable 55.7 55.0
Product inventory 45.6 57.1 Material and supplies inventory 34.6
36.2 Prepaid expense and other current assets 4.2 6.3 Income and
mining taxes recoverable 3.0 1.4 -------------- ------------- 621.3
414.0 Other assets 1.9 3.0 Restricted cash 16.1 14.2 Reclamation
deposits 30.1 26.9 Property, plant and equipment 664.4 594.1
Goodwill 47.0 47.0 -------------- ------------- $ 1,380.8 $ 1,099.2
-------------- ------------- -------------- -------------
Liabilities Current liabilities Accounts payable and accrued
liabilities $ 31.9 $ 36.5 Income and mining taxes payable 8.2 7.5
Current portion of long-term debt 4.4 5.6 Future income and mining
taxes 6.1 8.1 -------------- ------------- 50.6 57.7 Long-term debt
9.9 11.7 Other liabilities 21.3 21.8 Asset retirement obligations
24.9 23.3 Future income and mining taxes 172.4 167.2 --------------
------------- 279.1 281.7 -------------- -------------
Shareholders' Equity Common shares 691.8 484.1 Common share
warrants 35.0 35.0 Contributed surplus 42.5 40.4 Retained earnings
334.8 304.3 Accumulated other comprehensive loss (2.4) (46.3)
-------------- ------------- 1,101.7 817.5 --------------
------------- $ 1,380.8 $ 1,099.2 -------------- -------------
-------------- ------------- Consolidated Statements of Income (US
dollars in millions, except per share amounts - Unaudited) Three
months ended Nine months ended September 30 September 30
------------------- ------------------- 2009 2008 2009 2008
--------- --------- --------- --------- Revenues Molybdenum sales $
111.8 $ 325.9 $ 258.5 $ 815.7 Tolling and calcining 2.6 5.2 8.6
14.1 --------- --------- --------- --------- 114.4 331.1 267.1
829.8 --------- --------- --------- --------- Cost of sales
Operating expenses 55.7 155.2 153.6 447.5 Selling and marketing 1.9
3.0 4.4 8.0 Depreciation, depletion and amortization 13.4 13.6 37.6
31.2 Accretion 0.4 0.3 1.1 1.4 --------- --------- ---------
--------- 71.4 172.1 196.7 488.1 --------- --------- ---------
--------- Income from mining and processing 43.0 159.0 70.4 341.7
Other (income) expenses General and administrative 3.7 6.6 11.5
15.7 Stock-based compensation 0.9 4.8 6.3 13.0 Exploration and
development 1.2 1.2 4.9 2.5 Loss (gain) on foreign exchange 6.8
(2.8) 10.8 (5.5) Interest and finance fees 0.4 0.1 0.9 14.9
Interest income (0.8) (0.7) (1.8) (2.3) Other (0.1) (0.3) (0.5)
(0.4) --------- --------- --------- --------- 12.1 8.9 32.1 37.9
--------- --------- --------- --------- Income before income and
mining taxes 30.9 150.1 38.3 303.8 Income and mining taxes
(recoverable) Current 9.2 39.5 16.1 90.5 Future 2.0 10.0 (8.3) 5.5
--------- --------- --------- --------- 11.2 49.5 7.8 96.0
--------- --------- --------- --------- Net income $ 19.7 $ 100.6 $
30.5 $ 207.8 --------- --------- --------- --------- ---------
--------- --------- --------- Net income per share Basic $ 0.16 $
0.80 $ 0.25 $ 1.75 --------- --------- --------- ---------
--------- --------- --------- --------- Diluted $ 0.14 $ 0.74 $
0.24 $ 1.56 --------- --------- --------- --------- ---------
--------- --------- --------- Consolidated Statements of
Comprehensive Income (US dollars in millions - Unaudited) Three
months ended Nine months ended September 30 September 30
------------------- ------------------- 2009 2008 2009 2008
--------- --------- --------- --------- Net income $ 19.7 $ 100.6 $
30.5 $ 207.8 Foreign currency translation adjustments 26.9 (14.6)
43.9 (23.9) --------- --------- --------- --------- Comprehensive
income $ 46.6 $ 86.0 $ 74.4 $ 183.9 --------- --------- ---------
--------- --------- --------- --------- --------- Consolidated
Statements of Cash Flows (US dollars in millions - Unaudited) Three
months ended Nine months ended September 30 September 30
------------------- ------------------- 2009 2008 2009 2008
--------- --------- --------- --------- Operating Activities Net
income $ 19.7 $ 100.6 $ 30.5 $ 207.8 Items not affecting cash:
Depreciation, depletion and amortization 13.4 13.6 37.6 31.2
Accretion expense 0.4 0.3 1.1 1.4 Amortization of finance fees - -
- 5.4 Stock-based compensation 0.9 4.8 6.3 13.0 Future income taxes
(recoverable) 2.0 10.0 (8.3) 5.5 Unrealized loss (gain) on
derivative instruments (0.8) (3.9) 0.9 (5.3) Change in working
capital accounts (7.0) (15.1) 18.4 (22.4) --------- ---------
--------- --------- Cash generated by operating activities 28.6
110.3 86.5 236.6 --------- --------- --------- --------- Investing
Activities Short-term investments 9.6 - (172.2) - Property, plant
and equipment (13.1) (26.1) (54.4) (54.7) Deferred stripping costs
(4.4) (7.8) (18.8) (20.7) Restricted cash (0.1) 0.6 (1.9) (3.3)
Reclamation deposit (0.1) (0.2) (2.6) (0.7) Acquisition cost - - -
(100.0) --------- --------- --------- --------- Cash used in
investing activities (8.1) (33.5) (249.9) (179.4) ---------
--------- --------- --------- Financing Activities Proceeds from
issuance of common shares, net 199.8 - 203.5 223.8 Repayment of
long-term debt (1.3) (0.8) (4.0) (238.2) --------- ---------
--------- --------- Cash generated (used) by financing activities
198.5 (0.8) 199.5 (14.4) --------- --------- --------- ---------
Effect of exchange rate changes on cash 7.0 (3.6) 9.4 (4.8)
--------- --------- --------- --------- Increase in cash and cash
equivalents 226.0 72.4 45.5 38.0 Cash and cash equivalents,
beginning of period 77.5 79.3 258.0 113.7 --------- ---------
--------- --------- Cash and cash equivalents, end of period $
303.5 $ 151.7 $ 303.5 $ 151.7 --------- --------- ---------
--------- --------- --------- --------- --------- CONTACT: Wayne
Cheveldayoff, Director of Investor Relations, Thompson Creek Metals
Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992, ; Dan
Symons, Renmark Financial Communications Inc., Tel.: (514)
939-3989, DATASOURCE: Thompson Creek Metals Company Inc. CONTACT:
Wayne Cheveldayoff, Director of Investor Relations, Thompson Creek
Metals Company Inc., Tel: (416) 860-1438, Toll free:
1-800-827-0992, ; Dan Symons, Renmark Financial Communications
Inc., Tel.: (514) 939-3989,
Copyright