Costs push Thompson Creek income down in 1st quarter

May 04, 2012 | 01:23 PM | Thorsten Schier

Tags  Thompson Creek, molybdenum, copper, gold, Endako, Mount Milligan, thorsten schier

NEW YORK — Thompson Creek Metals Co. Inc.’s Mount Milligan copper-gold project in British Columbia is on schedule to start up in the third quarter of 2013.

"The engineering . . . is 95 percent complete, procurement is 95 percent complete and construction is 44 percent complete," the Denver-based molybdenum producer said in commentary released with its first-quarter results.

Mount Milligan, which is expected to produce about 81 million pounds of copper and 194,000 ounces of gold annually, is projected to cost between Canadian $1.4 billion and C$1.5 billion ($1.41 billion to $1.51 billion), up from initial estimates of C$1.27 billion due to cost overruns (AMM, Feb. 29). ....

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