MOLYBDENUM MINING: Thompson Creek boosts 2009 production numbers

BRITISH COLUMBIA - Thompson Creek Metals of Toronto is planning a 10% molybdenum production and sales boost in 2009...

BRITISH COLUMBIA — Thompson Creek Metals of Toronto is planning a 10% molybdenum production and sales boost in 2009 over levels previously announced, thanks to recent improvements in the market. The increase will be reached by shortening the planned summer shutdown to two weeks from four weeks.

 

Molybdenum oxide prices appear are on the upswing, nearing US$10 per pound, up from the recent US$8 low. But they are still a ways away from the US$40-high reached four years ago.

 

Moly production from the Endako mine in British Columbia is targeted at 8 million to 10.5 million lb this year. Cash production costs are to be in the range of US$6 to US$7 per pound, down 50 cents from the previous forecast. Thompson Creek owns a 75% interest in the Endako mine, and its partner is Sojitz Corp. of Japan.

 

Thompson Creek's wholly owned Thompson Creek moly mine in Idaho is expected to produce 16 million to 18 million lb of molybdenum at a cost of US$5.50 to US$6.50 per pound. The costs reflect plans to spend US$30 on stripping at this mine.

 

Information about molybdenum is posted at the company's website, www.ThompsonCreekMetals.com.

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