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Thompson Creek reports Q2 profit of US$60.4 million, up from year ago |
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Written by THE CANADIAN PRESS
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Thursday, 07 August 2008 |
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TORONTO - Thompson Creek Metals Co. Inc. (TSX:TCM) earned a second-quarter profit of US$60.4 million compared with a profit of $56.8 million a year ago, the company said Thursday.
The molybdenum producer, which keeps its books in U.S. dollars, said the profit amounted to 45 cents per diluted share for the three months ended June 30 compared with a profit of 45 cents per share a year ago.
Quarterly revenue was $243.9 million, down from $247.8 million.
Molybdenum production was 6.2 million pounds in the quarter.
The company said it continues to expect annual molybdenum production of between 23 million and 24.5 million pounds for 2008 and more than 34 million pounds for 2009.
"While mining costs are higher now than they were a year ago, our per-pound production cost guidance had anticipated a large part of the increase we have seen and our operations have also experienced some offsetting factors including higher-than-expected production and recoveries," chairman and chief executive Kevin Loughrey said.
"As a result, we are confident that 2008 cash costs for the production of molybdenum oxide will be in the previously forecast range of $6 to $6.50 per pound at the Thompson Creek Mine and will be at or lower than our previously forecast range of $9.50 to $10.25 per pound at the Endako Mine."
Shares in Thompson Creek, which reported its results after the close of markets, were up 74 cents at $15.64 on the Toronto Stock Exchange on Thursday.
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