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January 13, 2014
07:15 EDTTCThompson Creek reports Q4, FY13 production, sales results, provides update
Thompson Creek Metals announced production and sales results for the three and twelve months ended December 31, 2013, for its three operating mines, Thompson Creek, Endako and Mt. Milligan. Concentrate production for Mt. Milligan from start-up through December 31, 2013 contained 10.9M pounds of copper, 21.1 thousand troy ounces of gold and 41.8 thousand troy ounces of silver. Molybdenum production for the twelve month period ended December 31, 2013 was up 34% from the same period last year to 30M pounds. Sales for the one shipment of concentrate included 2.8M pounds of copper, 5.5 thousand ounces of gold, and 10.5 thousand ounces of silver. The company also sold 36.5M pounds of molybdenum for the year, a 27% increase from the prior year. The ramp-up at Mt. Milligan continues to progress with mine pit grades as expected, metal recoveries in the mill above expectations and mill throughput slightly below expectations at this stage in the ramp-up. The company is working through what it believes to be typical ramp-up issues. As part of this process, the company has reassigned several senior managers from its molybdenum operations to Mt. Milligan. Management believes it will reach commercial production within 1Q14, defined as operating the mill at 60% of design capacity for 30 days.
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