NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, Aug. 6
/PRNewswire-FirstCall/ -- Overview (all in U.S. dollars): -
Molybdenum production rose by 9.8% to 6.7 million pounds in the
second quarter of 2009 from 6.1 million pounds in the first
quarter. - Weighted-average cash costs in the second quarter were
reduced by 12.1% to $5.21 per pound produced from $5.93 per pound
in the first quarter. - 2009 guidance remains unchanged for
molybdenum production and sales at 22 to 26 million pounds and for
cash costs at $5.75 to $7.00 per pound. - Total cash, cash
equivalents and short-term investments at June 30, 2009 were $262
million, compared with $260.6 million on March 31, 2009. Total debt
was reduced to $15.6 million on June 30, 2009 from $16.9 million on
March 31, 2009. - Average realized price on molybdenum and upgraded
product sales declined to $9.41 per pound in the second quarter
from $10.14 per pound in the first quarter, although due to recent
developments in the molybdenum market, the Company expects its
average realized price to be higher in the second half of 2009. -
Income from mining and processing operations rose to $15.3 million
in the second quarter from $12 million in the first quarter.
However, due primarily to a foreign exchange loss, the Company
recorded a net loss in the second quarter of $0.4 million or $0.00
per basic and diluted common share, compared with net income of
$11.2 million or $0.09 per basic and diluted share in the first
quarter of 2009. - The Board of Directors has approved the
resumption of the Endako mill expansion project. As a result, the
Company's estimate of 2009 total capital expenditures has been
revised upward to $80 million from previous guidance of $60
million. Note: A conference call and webcast for analysts and
investors is scheduled for Friday, August 7, 2009 at 8:30 a.m.
Eastern. Thompson Creek Metals Company Inc. ("the Company"), one of
the world's largest publicly traded, pure molybdenum producers,
today announced financial results for the three and six months
ended June 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 mining
operations generated higher production and lower cash costs in the
second quarter of 2009 compared with first-quarter levels and, as a
result, the Company is in an excellent position to achieve its
production and cost guidance for the year," said Kevin Loughrey,
Chairman and Chief Executive Officer. "Another positive development
for the Company is the recent improvement in molybdenum prices to
more than $16 per pound. The price rise didn't occur early enough
to have a significant impact on the Company's second-quarter sales
revenues, which primarily reflected molybdenum market conditions in
the March-to-May period when average monthly Metals Week molybdenum
oxide prices were in the range of $7.90 to $9.16 per pound. "The
molybdenum price increase will have a positive impact on the
Company's third-quarter financial results and it raises our
confidence that a sustained recovery of the molybdenum market is
underway," Mr. Loughrey added. Due to the molybdenum market
improvement, the Company's Board of Directors has approved the
resumption of the Endako mill expansion project, which was
postponed in December 2008. The resumption is subject to approval
by the joint venture partner. The expansion project will raise the
mill's ore-processing capacity to 55,000 tons from 31,000 tons per
day and reduce cash costs per pound of molybdenum produced. The
Company's 75% share of total project capital expenditures are
currently estimated at approximately $252 million (including $43
million spent on the project in 2008 and $10 million spent in the
first half of 2009). Project completion is expected in 2011. For
2009, the Company's total capital expenditures are expected to be
$80 million, comprised of sustaining capital expenditures of $38
million (unchanged from previous guidance) and Endako expansion
capital expenditures of $42 million (up from previous guidance of
$22 million). The remaining estimated Endako expansion project
expenditures of approximately $167 million are expected to be
incurred in 2010. Second-Quarter Financial Results The Company's
revenues declined by 70% to $73.8 million in the second quarter of
2009 from $243.9 million a year earlier primarily due to a 71%
decline in the average realized price for molybdenum and upgraded
products to $9.41 per pound from $32.68 per pound. Sales volume was
slightly higher at 7.5 million pounds in the latest quarter versus
7.3 million pounds a year earlier. After the deduction of
operating, selling, marketing, depreciation, depletion and
accretion costs, the Company generated income from mining and
processing operations totaling $15.3 million the second quarter,
down from $105.4 million a year earlier. Non-cash charges in the
2009 second quarter included an after-tax compensation charge of
$2.8 million, or $0.02 per basic and diluted common share, related
to a voluntary stock option surrender program completed in June
2009, which was offset by a tax benefit of $2.8 million, or $0.02
per basic and diluted share, related to the reversal of a tax
valuation allowance. In addition, the 2009 second quarter included
an after-tax foreign exchange loss of $6.5 million, or $0.05 per
basic and fully diluted common share. Net loss was $0.4 million or
$0.00 per basic and diluted common share, compared with a net
income of $60.4 million or $0.52 per basic and $0.45 per diluted
share in the second quarter of 2008. The per-share figures are
based on a weighted-average number of shares outstanding of 122.5
million (basic and diluted) in the second quarter of 2009, compared
with 116.9 million (basic) and 133.9 million (diluted) in the
second quarter of 2008. At August 6, 2009, there were 123.1 million
common shares, 24.5 million warrants and 5.5 million employee
options outstanding. Second-quarter cash flow from operating
activities was $13.4 million, compared with $62.9 million a year
earlier. Selected Consolidated Operations Information (Unaudited)
Three months ended Six months ended June 30 June 30
-------------------------------------------- 2009 2008 2009 2008
-------------------------------------------- Operations Molybdenum
production from mines (000's lb)(1) 6,714 6,184 12,771 11,773 Cash
cost ($/lb produced)(2) $ 5.21 $ 8.85 $ 5.55 $ 7.75 Molybdenum sold
(000's lb) Thompson Creek Mine and Endako Mine production 6,505
4,830 13,054 8,912 Product purchased, processed and resold 997
2,500 1,895 6,072 ----------- ---------- ---------- ----------
7,502 7,330 14,949 14,984 ----------- ---------- ----------
---------- Average realized price ($/lb) $ 9.41 $ 32.68 $ 9.81 $
32.69 (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 represent mining (including
all stripping costs), milling, roasting and packaging for
molybdenum oxide and HPM produced in the period. 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
facility. Capital expenditures totaled $16 million in the second
quarter of 2009, comprised of $10.3 million of sustaining capital
expenditures and $5.7 million for the Company's 75% share of
capital expenditures for the Endako mill expansion. Cash, cash
equivalents and short-term investments were $262 million on June
30, 2009, compared with $260.6 million at March 31, 2009 and $258
million at December 31, 2008. The Company's total debt (primarily
equipment loans) on June 30, 2009 was $15.6 million, compared with
$16.9 million on March 31, 3009 and $17.3 million on December 31,
2008. The Company's mines produced 6.7 million pounds of molybdenum
in the second quarter, up from 6.2 million pounds in the second
quarter of 2008. The Thompson Creek Mine produced 4.7 million
pounds, up from 4.0 million pounds a year earlier, while the
Company's 75% share of the Endako Mine's production was 2.0
million, compared with 2.2 million pounds a year earlier. The
weighted-average cash costs were $5.21 per pound produced in the
second quarter of 2009, compared with $8.85 per pound produced 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 from both
of the Company's mines in the latest quarter compared to the 2008
quarter, lower costs for grinding media and consumables, and a
favorable change in the Canadian dollar exchange rate. 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 costs in the second quarter were $5.32 per pound produced
(including deferred stripping costs of $1.51 per pound produced),
compared with $9.02 per pound produced (including deferred
stripping costs of $2.54 per pound produced) a year earlier. The
Endako Mine's cash costs were $4.94 per pound produced, compared
with $8.55 per pound produced a year earlier. There were minimal
deferred stripping costs at Endako. First-Half Financial Results
The Company's revenues in the first six months of 2009 totaled
$152.8 million, or 69% lower than the $498.7 million recorded a
year earlier. After the deduction of operating, selling, marketing,
depreciation, depletion and accretion costs, the Company generated
income from mining and processing operations totaling $27.3 million
the first half, down from $182.7 million a year earlier. Net income
was $10.8 million or $0.09 per basic and diluted common share,
compared with $107.2 million or $0.93 per basic and $0.82 per
diluted share in the first half of 2008. The per-share figures are
based on a weighted-average number of shares outstanding of 122.4
million basic and 122.9 diluted shares in the first half of 2009,
compared with 115.2 million (basic) and 131.1 million (diluted) a
year earlier. First-half cash flow from operating activities was
$58 million, compared with $126.3 million a year earlier. Capital
expenditures totaled $34.7 million in the first six months of 2009,
comprised of $25.2 million of sustaining capital expenditures and
$9.5 million for the Company's 75% share of capital expenditures
for the Endako mill expansion. Historical Summary of Quarterly
Results (US$ in millions except per pound and per share amounts -
Unaudited) Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 2008 2008 2008 2009
2009 ----------------------------------------- Operations Mined
molybdenum production (000's lb) 6,184 6,499 7,773 6,057 6,714 Cash
cost ($/lb produced)(1) $8.85 $7.33 $6.01 $5.93 $5.21 Molybdenum
sold (000's lb): Thompson Creek Mine and Endako Mine production
sold 4,830 6,879 6,558 6,549 6,505 Product purchased, processed and
resold 2,500 3,044 1,565 898 997
----------------------------------------- 7,330 9,923 8,123 7,447
7,502 ----------------------------------------- Average realized
price ($/lb) $32.68 $32.85 $21.72 $10.14 $9.41 Financial Revenue
$243.9 $331.1 $181.6 $78.9 $73.8 Income from mining and processing
$105.4 $159.0 $88.5 $12.0 $15.3 Net income (loss) $60.4 $100.6
$(24.6) $11.2 $(0.4) Income (loss) per share - basic $0.52 $0.80
$(0.20) $0.09 $(0.00) - diluted $0.45 $0.74 $(0.20) $0.09 $(0.00)
Cash flow generated by operating activities $62.9 $110.3 $181.0
$44.7 $13.4 Outlook The Company continues to believe that its
near-term business is improving and the long-term outlook is
positive. During the month of April 2009, molybdenum prices reached
a weekly low of $7.83 per pound. Since that time, molybdenum prices
have been progressively rising. The Platts Metals Week published
average price for molybdenum oxide was $9.16 per pound in May 2009,
$10.26 per pound in June 2009, and $12.10 in July 2009. The
Company's realized sales price averaged $9.41 per pound for the
2009 second quarter and $9.81 per pound for the first six months of
2009. The realized price reflects upgraded product sales as well as
sales of molybdenum oxide. Based on current market trends, the
Company expects its average realized price to be higher in the
second half of 2009 compared to the first half of 2009; however,
contract sales typically trail the market price by one month and
the Company has fixed the sales price for approximately 2.2 million
pounds at an average price of $11.06 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 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). Given the recent
improvement in the molybdenum market, the Company shortened the
planned Thompson Creek and Endako mines shutdown period in July
2009 to two weeks from one month in order to match production with
the anticipated level of sales. The Company will continue to
monitor market conditions and will remain flexible and ready to
adjust production if necessary. For 2009, previous guidance from
June 8, 2009 remains unchanged for molybdenum production levels at
22 to 26 million pounds; expected production from the Thompson
Creek Mine is 16 to 18 million pounds (unchanged from previous
guidance), and the Company's 75% share of Endako Mine expected
production is 6 to 8 million pounds (unchanged from previous
guidance). Additionally, given the improvement in the molybdenum
market, in August 2009 the Company's Board of Directors approved
the re-start of the mill expansion project at its 75%-owned Endako
Mine, which was postponed in late 2008. The re-start is subject to
approval by the joint venture partner. The Company's 75% share of
total project capital expenditures are currently estimated at
approximately $252 million, of which $52.9 million had been
incurred through June 30, 2009. The Company's share of capital
expenditures for the Endako mill expansion for 2009 are
approximately $42 million, which has been revised upward from
previous guidance of $22 million. For 2009, previous guidance on
June 8, 2009 remains unchanged for the anticipated average cash
cost per pound produced at $5.75 to $7.00 per pound. Anticipated
cash cost at the Thompson Creek Mine is $5.50 to $6.50 per pound
(unchanged from previous guidance) and at the Endako Mine is $6.50
to $7.50 per pound (unchanged from previous guidance). This assumes
a U.S. to Canadian dollar ("CAD") exchange rate of 1.11 for the
second half of 2009. The 2009 Thompson Creek Mine cash cost per
pound produced includes approximately $30 million of stripping
costs, or $1.65 to $1.90 per pound produced (unchanged from
previous guidance), related to future planned production phases.
The 2009 Endako Mine operating plan has minimal stripping costs.
Average cash cost per pound produced in the second half of 2009 is
expected to be higher than the first half of 2009 primarily due to
lower third-quarter production resulting from the two-week shutdown
at both mines in July, higher consumables and contract labor costs,
increased maintenance costs, and an expected negative impact from
the strengthening of the Canadian dollar to the U.S. dollar
(converting Canadian dollar costs to U.S. dollar costs). Foreign
exchange loss for the first half of 2009 was $3.9 million. This
loss is primarily due to the weakening of the US dollar against the
Canadian dollar in the 2009 period on US dollar cash, cash
equivalents and short-term investments in entities with the
Canadian dollar measurement currency. With other variables
unchanged, each $0.10 strengthening (weakening) of the U.S. dollar
against the Canadian dollar results in an increase (decrease) of
approximately $7 million in net income (loss) for the six month
period. The Company's share of estimated sustaining capital
expenditures in 2009 at both mines and the Langeloth Metallurgical
Facility remains unchanged from previous guidance on May 7, 2009
and is expected to be approximately $38 million. 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 June 30, 2009, which will be
filed with SEDAR (http://www.sedar.com/) 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 first-quarter 2009 financial
results on Friday, August 7, 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
416-644-3417 or 1-800-731-5774 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 (Passcode
21310335 followed by the number sign) from 10:30 a.m. on August 7
to 11:59 p.m. on August 14. 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 has another executive 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)
June 30, December 31, 2009 2008 ------------ ------------ Assets
Current assets Cash and cash equivalents $ 77.5 $ 258.0 Short-term
investments 184.5 - Accounts receivable 37.3 55.0 Product inventory
42.8 57.1 Material and supplies inventory 35.3 36.2 Prepaid expense
and other current assets 5.0 6.3 Income and mining taxes
recoverable 2.2 1.4 ------------ ------------ 384.6 414.0 Other
assets 3.1 3.0 Restricted cash 16.0 14.2 Reclamation deposits 29.7
26.9 Property, plant and equipment 634.7 594.1 Goodwill 47.0 47.0
------------ ------------ $ 1,115.1 $ 1,099.2 ------------
------------ ------------ ------------ Liabilities Current
liabilities Accounts payable and accrued liabilities $ 28.1 $ 36.5
Income and mining taxes payable 2.2 7.5 Current portion of
long-term debt 5.0 5.6 Future income and mining taxes 6.3 8.1
------------ ------------ 41.6 57.7 Long-term debt 10.6 11.7 Other
liabilities 21.3 21.8 Asset retirement obligations 24.2 23.3 Future
income and mining taxes 163.0 167.2 ------------ ------------ 260.7
281.7 ------------ ------------ Shareholders' Equity Common shares
489.5 484.1 Common share warrants 35.0 35.0 Contributed surplus
44.1 40.4 Retained earnings 315.1 304.3 Accumulated other
comprehensive loss (29.3) (46.3) ------------ ------------ 854.4
817.5 ------------ ------------ $ 1,115.1 $ 1,099.2 ------------
------------ ------------ ------------ Consolidated Statements of
Operations (US dollars in millions, except per share amounts -
Unaudited) Three months ended Six months ended
---------------------- --------------------- June 30, June 30, June
30, June 30, 2009 2008 2009 2008 ----------- ---------- ----------
---------- Revenues Molybdenum sales $ 71.2 $ 239.6 $ 146.7 $ 489.8
Tolling and calcining 2.6 4.3 6.1 8.9 ----------- ----------
---------- ---------- 73.8 243.9 152.8 498.7 ----------- ----------
---------- ---------- Cost of sales Operating expenses 44.7 125.7
97.9 292.3 Selling and marketing 1.2 2.5 2.7 5.0 Depreciation,
depletion and amortization 12.2 9.9 24.2 17.6 Accretion 0.4 0.4 0.7
1.1 ----------- ---------- ---------- ---------- 58.5 138.5 125.5
316.0 ----------- ---------- ---------- ---------- Income from
mining and processing 15.3 105.4 27.3 182.7 Other (income) expenses
General and administrative 4.1 5.7 7.8 9.1 Stock-based compensation
4.0 6.5 5.4 8.2 Exploration and development 1.9 0.3 3.7 1.3 Loss
(gain) on foreign exchange 7.1 (1.9) 3.9 (2.7) Interest and finance
fees 0.3 8.1 0.5 14.8 Interest income (0.6) (0.8) (1.0) (1.6) Other
- (0.2) (0.4) (0.1) ----------- ---------- ---------- ----------
16.8 17.7 19.9 29.0 ----------- ---------- ---------- ----------
Income (loss) before income and mining taxes (1.5) 87.7 7.4 153.7
Income and mining taxes (recoverable) Current 3.6 25.5 6.9 51.0
Future (4.7) 1.8 (10.3) (4.5) ----------- ---------- ----------
---------- (1.1) 27.3 (3.4) 46.5 ----------- ---------- ----------
---------- Net income (loss) $ (0.4) $ 60.4 $ 10.8 $ 107.2
----------- ---------- ---------- ---------- ----------- ----------
---------- ---------- Net income (loss) per share Basic $ (0.00) $
0.52 $ 0.09 $ 0.93 ----------- ---------- ---------- ----------
----------- ---------- ---------- ---------- Diluted $ (0.00) $
0.45 $ 0.09 $ 0.82 ----------- ---------- ---------- ----------
----------- ---------- ---------- ---------- Consolidated
Statements of Comprehensive Income (US dollars in millions -
Unaudited) Three months ended Six months ended
---------------------- --------------------- June 30, June 30, June
30, June 30, 2009 2008 2009 2008 ----------- ---------- ----------
---------- Net income (loss) $ (0.4) $ 60.4 $ 10.8 $ 107.2 Foreign
currency translation adjustments 26.1 1.9 17.0 (9.3) -----------
---------- ---------- ---------- Comprehensive income $ 25.7 $ 62.3
$ 27.8 $ 97.9 ----------- ---------- ---------- ----------
----------- ---------- ---------- ---------- Consolidated
Statements of Cash Flows (US dollars in millions - Unaudited) Three
months ended Six months ended ----------------------
--------------------- June 30, June 30, June 30, June 30, 2009 2008
2009 2008 ----------- ---------- ---------- ---------- Operating
Activities Net income (loss) $ (0.4) $ 60.4 $ 10.8 $ 107.2 Items
not affecting cash: Depreciation, depletion and amortization 12.2
9.9 24.2 17.6 Accretion expense 0.4 0.4 0.7 1.1 Amortization of
finance fees - 4.8 - 5.4 Stock-based compensation 4.0 6.5 5.4 8.2
Future income taxes (recoverable) (4.7) 1.8 (10.3) (4.5) Unrealized
loss (gain) on derivative instruments 1.5 (2.4) 1.7 (1.4) Change in
non-cash working capital 0.4 (18.5) 25.5 (7.3) -----------
---------- ---------- ---------- Cash generated by operating
activities 13.4 62.9 58.0 126.3 ----------- ---------- ----------
---------- Investing Activities Short-term investments (81.5) -
(181.9) - Property, plant and equipment (13.7) (20.5) (41.3) (28.6)
Deferred stripping costs (7.1) (10.1) (14.4) (12.9) Restricted cash
(1.0) (1.5) (1.8) (3.9) Reclamation deposit (0.2) (0.3) (2.5) (0.5)
Acquisition cost - - - (100.0) ----------- ---------- ----------
---------- Cash used in investing activities (103.5) (32.4) (241.9)
(145.9) ----------- ---------- ---------- ---------- Financing
Activities Proceeds from issuance of common shares 3.7 223.4 3.7
223.8 Repayment of long-term debt (1.4) (220.0) (2.7) (237.4)
----------- ---------- ---------- ---------- Cash generated (used)
by financing activities 2.3 3.4 1.0 (13.6) ----------- ----------
---------- ---------- Effect of exchange rate changes on cash 5.0
(2.1) 2.4 (1.2) ----------- ---------- ---------- ----------
Increase (decrease) in cash and cash equivalents (82.8) 31.8
(180.5) (34.4) Cash and cash equivalents, beginning of period 160.3
47.5 258.0 113.7 ----------- ---------- ---------- ---------- Cash
and cash equivalents, end of period $ 77.5 $ 79.3 $ 77.5 $ 79.3
----------- ---------- ---------- ---------- ----------- ----------
---------- ---------- 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