NYSE: TC TSX: TCM, TCM.WT Frankfurt: A6R TORONTO, March 19
/PRNewswire-FirstCall/ -- - Record production of 26 million pounds
Mo - Record revenues of $1.01 billion - Record cash flow from
operations of $417.6 million - Record earning before special
non-cash charges of $276.3 million Overview (all in U.S. dollars):
- Mining operations continued to perform well in the fourth quarter
of 2008 with total molybdenum production rising 20% to 7.8 million
pounds from 6.5 million pounds in the third quarter. Production in
all of 2008 was a record 26 million pounds, up 59% from 16.4
million pounds in 2007. - Cash flow generated by operating
activities totaled $181.0 million in the fourth quarter, up 64%
from $110.3 million in the third quarter. In 2008, cash flow
generated by operating activities was a record $417.6 million, up
129% from $182.6 million in 2007. - Debt was reduced during the
year to $17.3 million on December 31, 2008 from $237.4 million a
year earlier, while cash balances grew to $258 million on December
31, 2008 from $113.7 million a year earlier. Cash balances as of
February 28, 2009 totaled $255 million. - Due to the weak global
economic conditions and the sharp decline in molybdenum prices,
fourth-quarter 2008 earnings were negatively affected by a partial
write-down of goodwill assets and other special non-cash charges
amounting to $93.1 million, which was equivalent to $0.76 per
common and diluted share in the quarter. Fourth-quarter net income
before these special non-cash adjustments was $68.5 million or
$0.56 per basic and diluted common share. However, the deduction of
the special non-cash items resulted in a quarterly net loss of
$24.6 million or $0.20 per basic and diluted common share, compared
with net income in the 2008 third quarter of $100.6 million or
$0.80 per basic and $0.74 per diluted common share. - In 2008, net
income before special non-cash charges totaled a record $276.3
million or $2.31 per basic and $2.10 per diluted common share.
After deduction of special non-cash charges, 2008 net income was
$183.2 million or $1.53 per basic and $1.39 per diluted common
share. In 2007, net income was $157.3 million or $1.43 per basic
and $1.24 per diluted common share. - Average realized price on
molybdenum sales was $21.72 per pound in the fourth quarter, down
from $32.85 in the third quarter. For 2008, the average realized
price was $30.04, up from $28.77 in 2007. The market price for
molybdenum as of March 18, 2009 was in the range of $8.40 to $8.80
per pound. - In response to the decline in molybdenum prices, the
Company had previously announced a revision of 2009 operating and
capital expenditure plans aimed at conserving cash. The plans were
based on expectations that molybdenum sales and production from the
Company's own mines will be between 20 and 24 million this year.
Capital expenditures were reduced to approximately $60 million in
2009. - As a result of the revised plans, the Company now estimates
that its molybdenum production cash costs will range between $7.25
and $8.25 per pound produced in 2009. Cash costs in 2008 averaged
$6.01 per pound produced in the fourth quarter and $7.54 per pound
produced during the full year. Note: A conference call and webcast
for analysts and investors is scheduled for Friday, March 20, 2009
at 8:30 a.m. Eastern. Thompson Creek Metals Company Inc. ("the
Company"), one of the world's largest publicly traded, pure
molybdenum producers, today announced financial results for the
three and twelve months ended December 31, 2008 prepared in
accordance with Canadian generally accepted accounting principles.
All dollar amounts are in U.S. dollars unless otherwise indicated.
"Thompson Creek achieved strong operating performance in 2008 with
total molybdenum production and sales volume exceeding guidance
given earlier in the year," said Kevin Loughrey, Chairman and Chief
Executive Officer. "Cash flow generated by operating activities
rose by 129% to a record $417.6 million in 2008, which contributed
to the Company's success in paying off bank debt and building
substantial cash balances of $258 million by year-end. "As a result
of last year's strong financial performance and our recent actions
to conserve cash, Thompson Creek is well positioned to continue
operating its mines during the economic downturn and to consider
possible acquisitions that will benefit shareholders." For 2009, in
order to conserve cash in a period of lower prices and reduced
demand for molybdenum, the Company, as previously announced, has
reduced planned production to match the expected level of
molybdenum sales for the year and has significantly reduced capital
expenditures. The Company is planning to produce 20 to 24 million
pounds of molybdenum from its own mines this year at an average
cash cost ranging between $7.25 and $8.25 per pound. Capital
expenditures are expected to be $60 million. "Our molybdenum sales
have kept pace with production so far in the first quarter of 2009
and this suggests that we are on the right track operationally at
this time, but we intend to remain flexible and ready to adjust our
production higher or lower if there are substantial changes in
market conditions in the future," Mr. Loughrey stated. "While the
short-term market outlook is uncertain and dependent to a large
degree on how long our traditional steel customers will continue
with inventory destocking and low production, we expect molybdenum
demand to improve and prices to strengthen in the medium-term
future as the world economy recovers from recession."
Fourth-Quarter Financial Results The Company's revenues were $181.6
million in the fourth quarter, compared with $331.1 million in the
third quarter of 2008, and $197.8 million in the fourth quarter of
2007. The reduction in revenues from the third quarter of 2008 was
due to a decrease in the average realized price to $21.72 per pound
from $32.85 per pound and in total sales volume to 8.1 million
pounds from 9.9 million pounds. Sales of molybdenum from the
Company's own mines were 6.6 million pounds in the fourth quarter,
down from 6.9 million pounds in the third quarter, while sales of
third-party molybdenum purchased, processed and resold were reduced
to 1.6 million pounds in the fourth quarter from 3 million pounds
in the third quarter. The year-over-year decline in revenues
reflected a decrease in the average realized price, offset to a
large degree by generally higher production volumes and sales from
the company's mines in 2008 compared with 2007. Total sales in the
fourth quarter of 2007 were 6.2 million pounds, comprised of sales
from the Company's own mines of 3.2 million pounds and sales of
third-party molybdenum of 3.1 million pounds. The average realized
sale price for molybdenum products in the fourth quarter of 2007
was $31.08 per pound. After the deduction of operating, selling,
marketing, depreciation, depletion and accretion costs, the Company
generated income from mining and processing operations totaling
$88.5 million the fourth quarter, down from $159 million in the
third quarter of 2008 but up from $47.9 million in the fourth
quarter of 2007. Net income before special non-cash charges in the
fourth quarter of 2008 was $68.5 million or $0.56 per basic and
diluted common share. After deduction of special non-cash charges,
the Company recorded a net loss in the fourth quarter of 2008 of
$24.6 million or $0.20 per basic and diluted common share, compared
with net income of $100.6 million or $0.80 per basic and $0.74 per
diluted common share in the third quarter of 2008 and $28.8 million
or $0.25 per basic and $0.22 per diluted share in the fourth
quarter of 2007. Special non-cash charges in the fourth quarter
totaled $93.1 million or $0.76 per basic and diluted common share,
comprising the write-down of goodwill assets of $68.2 million, a
change in tax valuation allowances of $23.1 million (related to the
realization of tax assets for alternative minimum tax and stock
compensation) and an after-tax valuation allowance against the
carrying value of finished goods inventories of $1.8 million. The
per-share figures are based on a weighted-average number of shares
outstanding of 122.6 million (basic) and 122.7 million (diluted) in
the fourth quarter of 2008, compared with 125.0 million (basic) and
136.8 million (diluted) in the third quarter of 2008 and 113.3
million (basic) and 131.0 million (diluted) in the fourth quarter
of 2007. At March 19, 2009, there were 122.3 million common shares,
24.5 million warrants and 8.9 million employee options outstanding.
Cash flow from operating activities was $181.0 million in the
fourth quarter, compared with $110.3 million in the third quarter
of 2008 and $45.7 million in the fourth quarter of 2007. Cash
balances were $258 million at December 31, 2008, compared with
$151.7 million at September 30, 2008 and $113.7 million at December
31, 2007. Cash balances as of February 28, 2009 were $255 million.
The Company's total debt on December 31, 2008 was $17.3 million in
equipment loans. The Company's mines produced 7.8 million pounds of
molybdenum in the fourth quarter, up from 6.5 million pounds in the
third quarter of 2008 and 3.4 million pounds in the fourth quarter
of 2007. The Thompson Creek Mine produced 4.8 million pounds in the
fourth quarter, up from 4.3 million pounds in the third quarter and
2.0 million pounds in the fourth quarter of 2007. The Company's 75%
share of the Endako Mine's production was 3.0 million in the fourth
quarter, compared with 2.2 million pounds in the third quarter and
1.5 million pounds in the fourth quarter of 2007. The production
amounts reflect molybdenum produced at the Thompson Creek and
Endako mines but do not include molybdenum purchased from third
parties, roasted and sold by the Company. The weighted-average cash
costs were $6.01 per pound produced in the fourth quarter of 2008,
compared with $7.33 per pound produced in the third quarter of 2008
and $13.58 per pound produced in the fourth quarter of 2007. The
decline was primarily due to increased production as a result of
higher ore grades, recoveries and throughput at the Company's
mines. The cash costs include production costs for the mining,
milling, roasting and packaging of molybdenum oxide and
high-performance molybdenum disulfide (HPM) and deferred stripping
costs (mining costs related to future planned production phases).
At the Thompson Creek Mine, cash costs in the fourth quarter were
$6.30 per pound produced (including deferred stripping costs of
$1.64 per pound produced), compared with $7.38 per pound produced
(including deferred stripping costs of $1.79 per pound produced) in
the third quarter of 2008 and $14.48 per pound produced (including
deferred stripping costs of $4.57 per pound produced) in the fourth
quarter of 2007. The Endako Mine's cash costs per pound produced
were $5.54 per pound produced in the fourth quarter, compared with
$7.23 per pound produced in the third quarter of 2008 and $12.39
per pound produced in the fourth quarter of 2007. There were no
deferred stripping costs at Endako. 2008 Financial Results Thompson
Creek's revenues were a record $1.01 billion in 2008, up 11% from
$914.4 million a year earlier. The revenue gain reflected higher
molybdenum sales volume and higher average realized sales prices in
2008. Total molybdenum sales rose to 33 million pounds from 31
million pounds. Molybdenum sold from the Company's mines in 2008
increased to 22.3 million pounds from 19.5 million pounds sold in
2007, while sales of third-party molybdenum purchased, processed
and resold declined to 10.7 million pounds in 2008 from 11.5
million pounds a year earlier. The average realized sales price was
$30.04 per pound in 2008, compared with $28.77 per pound in 2007.
After the deduction of operating, selling, marketing, depreciation,
depletion and accretion costs, the Company generated income from
mining and processing operations totaling $430.2 million in 2008,
up 43% from $301.0 million a year earlier. Net income before
special non-cash charges in 2008 was $276.3 million or $2.31 per
basic and $2.10 per diluted common share. After deduction of $93.1
million in special non-cash charges, the Company recorded net
income of $183.2 million or $1.53 per basic and $1.39 per diluted
common share in 2008, compared with net income of $157.3 million or
$1.43 per basic and $1.24 per diluted common share in 2007. The
per-share figures are based on a weighted-average number of shares
outstanding of 119.5 million (basic) and 131.7 million (diluted) in
2008 versus 110.2 million (basic) and 126.6 million (diluted) in
2007. Net income and earnings from mining and processing operations
in 2007 were negatively affected by the inclusion in operating
expenses of a non-cash acquisition expense related to the inventory
portion of the purchase price adjustment associated with the
Company's purchase of Thompson Creek Metals Company USA in October
2006. This non-cash expense amounted to $29.6 million in the first
quarter of 2007. Cash flow from operating activities was $417.6
million in 2008, compared with $182.6 million a year earlier. The
increase in cash flow from operations was mainly due to the higher
revenues and net income before special non-cash charges, together
with working capital adjustments related to the collection of
accounts receivable and the drawdown of product inventory. Capital
expenditures totaled $114 million in 2008, comprised of $71 million
of sustaining capital expenditures at the operating sites and $43
million of capital expenditures for the 75% share of the mill
expansion at the Endako Mine. In 2007, capital expenditures were
$14.6 million. The Company's mines produced 26 million pounds of
molybdenum in 2008, up from 16.4 million pounds a year earlier. The
Thompson Creek Mine produced 16.8 million pounds in the latest
year, up from 9.3 million pounds in 2007, while the Company's 75%
share of Endako Mine's production rose to 9.3 million pounds from
7.1 million pounds a year earlier. The weighted-average cash costs
were $7.54 per pound produced in 2008, compared with $10.03 per
pound produced in 2007. The decline was primarily due to increased
production as a result of higher ore grades, recoveries and
throughput at the Company's mines. The cash costs include
production costs for the mining, milling, roasting and packaging of
molybdenum oxide and HPM and deferred stripping costs (mining costs
related to future planned production phases). At the Thompson Creek
Mine, cash costs in 2008 were $7.75 per pound produced (including
deferred stripping costs of $1.71 per pound produced), compared
with $10.91 per pound produced (including deferred stripping costs
of $3.69 per pound produced) in 2007. The Endako Mine's cash costs
per pound produced were $7.15 per pound produced in 2008, compared
with $8.89 per pound produced in the fourth quarter of 2007. There
were no deferred stripping costs at Endako. On December 31, 2008,
the Company had working capital of $356.3 million, including $258
million of cash balances, $55.0 million of receivables, no
borrowings under its $35 million line of credit facility and $5.6
million as the current portion of equipment loans. Outlook Thompson
Creek believes the long-term outlook for its business and the
molybdenum market is positive. However, in order to conserve cash
during the current economic uncertainty, the Company's 2009 plans
have been modified to reduce molybdenum production, cost profile
and capital expenditures. The Company believes that these actions
will ensure that adequate working capital levels are maintained.
The Company has reduced its planned level of molybdenum production
for 2009 to match its expectations of sales volumes. As previously
announced, the Company expects molybdenum production to be in the
range of 20 to 24 million pounds this year, down from previous
guidance of 31.5 to 34 million pounds. Production at the Thompson
Creek Mine is expected to be 15 to 17 million pounds (down from
previous guidance of 24.5 to 26 million pounds) and the Company's
75% share of the Endako Mine production is forecast at 5 to 7
million pounds (down from previous guidance of 7 to 8 million
pounds). The planned production reductions include a reduction in
mill operation at the Thompson Creek Mine to 70% capacity (10 days
on, four days off schedule), which began in March, a reduction in
the Endako Mine production capacity to 80% and a temporary summer
suspension of operations for approximately one month at both the
Thompson Creek and Endako mines. For 2009, total capital
expenditures at the Company's operating sites are expected to be
approximately $60 million, including estimated sustaining capital
spending at both mines and the Langeloth Metallurgical Facility
totaling $38 million and the Company's 75% share of the estimated
mill expansion at the Endako Mine totaling $22 million. The Company
previously had planned capital expenditures of approximately $300
million for 2009, including $149 million for its share of the mill
expansion at the Endako Mine, $50 million for the Davidson Project
and $101 million for sustaining capital expenditures at the
operating sites. The Endako expansion project has been suspended
until economic conditions improve. While the Company has also
decided to delay the development decision for the Davidson Project,
it is proceeding with environmental permitting. The Company
estimates that its 2009 cash costs will be $7.25 to $8.25 per pound
of molybdenum produced. The cash costs include production costs for
the mining, milling, roasting and packaging of molybdenum oxide and
HPM and deferred stripping costs (mining costs related to future
planned production phases). The Thompson Creek Mine's cash costs
are expected to be in the range of $7 to $8 per pound and include
approximately $40 million (equivalent to $2.30 to $2.60 per pound
produced) of stripping costs related to future planned production
phases. The Company's previous 2009 cash cost guidance, which
excluded such stripping costs, was $5 to $6 per pound produced at
the Thompson Creek Mine. At the Endako Mine, cash costs are
estimated at $8 to $9 per pound produced, which is unchanged from
previous guidance and assumes a US$/C$ exchange rate of 1.20 (also
unchanged from previous guidance). The revised 2009 Endako Mine
operating plan does not anticipate any stripping costs. For 2009,
the Company's sales of molybdenum produced from its own mines are
expected to be 20 to 24 million pounds. In addition, sales of
molybdenum purchased, processed and resold for 2009 are expected to
be 3 to 4 million pounds. Operating cash flows for 2009, together
with existing cash balances, a $35 million revolving credit
facility and possible equipment financings, are expected to provide
sufficient working capital for the Company to meet is anticipated
cash requirements including capital spending, deferred stripping
and working capital requirements. Based on current production
plans, operating cash flows will be impacted by $20 to $24 million
for every $1 per pound change in the average molybdenum price for
2009. The Company is positioned to react quickly to further changes
in the molybdenum market in order to ensure adequate working
capital levels are maintained. During 2007, mineral reserves were
recalculated and increased at both operating mines using a
long-term price of $10 per pound for molybdenum sales and updated
costs. Other than 2008 production, there have been no further
changes to reserves as of December 31, 2008. Analysis of 2008
development drilling activities will continue at both mines during
2009 to complete the update to the mineral reserve and resource
estimates. Given the current economic environment, there are no
planned drilling activities at either mine in 2009. Expenditures
under an earn-in agreement on the Mount Emmons underground
molybdenum project in Colorado are expected to be $5 to $7 million
during 2009. Additional information on the Company's financial
position is available in Thompson Creek's Financial Statements and
Management's Discussion and Analysis for the period ended December
31, 2008, which will be filed with SEDAR (http://www.sedar.com/)
and posted on the Company's website
(http://www.thompsoncreekmetals.com/). Conference call and webcast
Thompson Creek will hold a conference call for analysts and
investors to discuss its 2008 financial results on Friday, March
20, 2009 at 8:30 a.m. (Eastern). Kevin Loughrey, Chairman and Chief
Executive Officer, and Pamela Saxton, Chief Financial Officer, will
be available to answer questions during the call. To participate in
the call, please dial 416-644-3415 or 1-800-732-9307 about five
minutes prior to the start of the call. A live audio webcast of the
conference call will be available at http://www.newswire.ca/ and
http://www.thompsoncreekmetals.com/. An archived recording of the
call will be available at 416-640-1917 or 1-877-289-8525 (Passcode
21296593 followed by the number sign) from 10:30 a.m. on March 20
to 11:59 p.m. on March 27. An archived recording of the webcast
will also be available at Thompson Creek's website. About Thompson
Creek Metals Company Inc. Thompson Creek Metals Company Inc. is one
of the largest publicly traded, pure molybdenum producers in the
world. The Company owns the Thompson Creek open-pit molybdenum mine
and mill in Idaho, a metallurgical roasting facility in Langeloth,
Pennsylvania and a 75% share of the Endako open-pit mine, mill and
roasting facility in northern British Columbia. Thompson Creek has
two high-grade underground molybdenum deposits, the Davidson
Deposit near Smithers, B.C., and the Mount Emmons Deposit near
Crested Butte, Colorado. The Company is continuing to pursue
permitting of the Davidson Project and is evaluating the Mount
Emmons Deposit. The Company has approximately 800 employees. Its
principal executive office is in Denver, Colorado, and it has other
executive offices in Toronto, Ontario and Vancouver, British
Columbia. More information is available at
http://www.thompsoncreekmetals.com/. Cautionary Note Regarding
Forward-Looking Statements
---------------------------------------------------- This news
release contains "forward-looking information" within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation which may
include, but is not limited to, statements with respect to the
timing and amount of estimated future production. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"believes" or variations (including negative variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Thompson Creek and/or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Such factors include those factors
discussed in the section entitled "Risk Factors" in Thompson
Creek's current annual information form which is available on SEDAR
at http://www.sedar.com/ and is incorporated in its Annual Report
on Form 40-F filed with the United States Securities and Exchange
Commission which is available at http://www.sec.gov/. Although
Thompson Creek has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results to differ from
those anticipated, estimated or intended. Forward-looking
statements contained herein are made as of the date of this news
release and Thompson Creek does not undertake to update any such
forward-looking statements, except in accordance with applicable
securities laws. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements. Readers should refer to
Thompson Creek's current annual information form which is available
on SEDAR at http://www.sedar.com/ and is incorporated in its Annual
Report on Form 40-F filed with the SEC which is available at
http://www.sec.gov/ and subsequent continuous disclosure documents
available at http://www.sedar.com/ and http://www.sec.gov/ for
further information on mineral reserves and mineral resources,
which is subject to the qualifications and notes set forth therein.
Consolidated Balance Sheets December 31, (US dollars in millions)
2008 2007 Assets Current assets Cash and cash equivalents $ 258.0 $
113.7 Accounts receivable 55.0 84.1 Product inventory 57.1 131.3
Material and supplies inventory 36.2 32.9 Prepaid expense and other
current assets 6.3 4.6 Income and mining taxes recoverable 1.4 13.4
----------- ----------- 414.0 380.0 Other assets 3.0 2.4 Restricted
cash 14.2 10.0 Reclamation deposits 26.9 26.8 Property, plant and
equipment 594.1 566.8 Goodwill 47.0 123.7 ----------- ----------- $
1,099.2 $ 1,109.7 ----------- ----------- ----------- -----------
Liabilities Current liabilities Accounts payable and accrued
liabilities $ 36.5 $ 60.4 Acquisition cost payable - 100.0 Income
and mining taxes payable 7.5 - Current portion of long-term debt
5.6 67.2 Future income and mining taxes 8.1 6.4 -----------
----------- 57.7 234.0 Long-term debt 11.7 170.2 Other liabilities
21.8 30.0 Asset retirement obligations 23.3 26.4 Future income and
mining taxes 167.2 161.5 ----------- ----------- 281.7 622.1
----------- ----------- Shareholders' Equity Common shares 484.1
268.1 Common share warrants 35.0 35.0 Contributed surplus 40.4 26.5
Retained earnings 304.3 129.8 Accumulated other comprehensive
(loss) income (46.3) 28.2 ----------- ----------- 817.5 487.6
----------- ----------- $ 1,099.2 $ 1,109.7 ----------- -----------
----------- ----------- Consolidated Statements of Income Years
Ended December, 31 (US dollars in millions) 2008 2007 Revenues
Molybdenum sales $ 992.2 $ 891.1 Tolling and calcining 19.2 23.3
----------- ----------- 1,011.4 914.4 ----------- ----------- Cost
of sales Operating expenses 524.2 554.5 Selling and marketing 10.1
9.0 Depreciation, depletion and amortization 45.2 48.2 Accretion
1.7 1.7 ----------- ----------- 581.2 613.4 ----------- -----------
Income from mining and processing 430.2 301.0 Other (income)
expenses Goodwill impairment 68.2 - General and administrative 24.4
15.9 Stock-based compensation 15.6 16.3 Exploration and development
7.9 4.6 (Gain) loss on foreign exchange (24.0) 4.3 Interest and
finance fees 15.1 42.4 Interest income (2.4) (7.8) Other 2.1 (3.0)
----------- ----------- 106.9 72.7 ----------- ----------- Income
before income and mining taxes 323.3 228.3 Income and mining taxes
Current 112.7 103.1 Future 27.4 (32.1) ----------- -----------
140.1 71.0 ----------- ----------- Net income $ 183.2 $ 157.3
----------- ----------- ----------- ----------- Net income per
share Basic $ 1.53 $ 1.43 ----------- ----------- -----------
----------- Diluted $ 1.39 $ 1.24 ----------- -----------
----------- ----------- Consolidated Statements of Cash Flows Years
ended December 31, (US dollars in millions) 2008 2007 Operating
Activities Net income $ 183.2 $ 157.3 Items not affecting cash:
Goodwill impairment 68.2 - Depreciation, depletion and amortization
45.2 48.2 Accretion 1.7 1.7 Accretion of finance fees 5.4 7.8
Stock-based compensation 15.6 16.3 Future income and mining taxes
(recoverable) 27.4 (32.1) Unrealized (gain) loss on derivative
instruments (13.1) 4.8 Gain on sales contracts (2.3) - Change in
non-cash working capital 86.3 (21.5) ----------- ----------- Cash
generated by operating activities 417.6 182.6 -----------
----------- Investing Activities Property, plant and equipment
(101.3) (14.6) Deferred stripping costs (28.6) (34.2) Acquisition
cost (100.0) - Restricted cash (4.2) (1.6) Reclamation deposit
(1.0) (2.8) ----------- ----------- Cash used in investing
activities (235.1) (53.2) ----------- ----------- Financing
Activities Proceeds from issuance of common shares, net of issue
costs 223.9 50.8 Repurchase of common shares (19.2) - Repayment of
long-term debt (262.1) (168.2) Proceeds from issuance of long-term
debt 36.5 - ----------- ----------- Cash used in financing
activities (20.9) (117.4) ----------- ----------- Effect of
exchange rate changes on cash (17.3) 3.7 ----------- -----------
Increase in cash and cash equivalents 144.3 15.6 Cash and cash
equivalents, beginning of year 113.7 98.1 ----------- -----------
Cash and cash equivalents, end of year $ 258.0 $ 113.7 -----------
----------- ----------- ----------- CONTACT: Wayne Cheveldayoff,
Director of Investor Relations, Thompson Creek Metals Company Inc.,
Tel: (416) 860-1438, Toll free: 1-800-827-0992, ; Dan Symons,
Renmark Financial Communications Inc., Tel.: (514) 939-3989,
DATASOURCE: Thompson Creek Metals Company Inc. CONTACT: Wayne
Cheveldayoff, Director of Investor Relations, Thompson Creek Metals
Company Inc., Tel: (416) 860-1438, Toll free: 1-800-827-0992, ; Dan
Symons, Renmark Financial Communications Inc., Tel.: (514)
939-3989,
Copyright