MOLYBDENUM-COPPER: Thompson Creek puts suspended Endako mine on care and maintenance, updates Mount Milligan

BRITISH COLUMBIA – Thompson Creek Metals Company (75%) of Denver and joint venture partner Sojitz Moly Resources (25%) of Japan are placing their Endako molybdenum mine on care and maintenance as of July 1, 2015. The mine is 190 km west of Prince George.

Production at Endako was suspended at the end of 2014. Thompson Creek expects no recovery in the moly market in the foreseeable future.

Costs at the Endako mine this year are estimated to be $26.7 million, including the costs of suspension, care and maintenance for the remainder of the year and severance cost for the workforce. Next year costs at Endako are expected to be in the $5.3 million to $6.7 million range. Approximately 270 employees will lose their jobs.

Thompson Creek will concentrate its efforts on its other Canadian asset, the Mount Milligan copper-gold mine 155 km northwest of Prince George. The company continues to fine tune the mill there. The plant averaged a throughput of 50,686 t/d in May, compared to 39,569 t/d in the first quarter. Mill availability in May was 96%, compared to 87% in the first quarter.

More information is available at ThompsonCreekMetals.com.