Thompson Creek piles up cash in Q3

Thompson Creek Metals (TSX: TCM; NYSE: TC) is improving its operations and balance sheet, despite ending the third quarter in the red.

Thompson Creek Metals (TSX: TCM; NYSE: TC) is improving its operations and balance sheet, despite ending the third quarter in the red.

The Colorado-based firm, which operates three mines, posted a headline loss of US$11 million, down from a profit of US$14 million, a year ago. The recent quarter included a foreign exchange loss of US$60 million, compared to a gain of US$24 million in the same period last year. 

Excluding one-time losses and gains, adjusted earnings were US$38 million, or US$17¢ per share, up from a year ago and above the expected US9¢ per share.

“We are very happy with our performance and our results in this quarter,” said CEO Jacques Perron on a conference call.

Revenues were US$229 million, up from US$91 million in the third quarter of 2013, as the firm continued to ramp up its Mt. Milligan copper-gold mine in northern British Columbia, which achieved commercial production in February.

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