Thompson Creek halts mine stripping activity

Oct 03, 2012 | 01:17 PM | Barbara O'Donovan

Tags  Thompson Creek Metals, Kevin Loughrey, molybdenum, Mount Milligan, Thompson Creek Mine, Langeloth

NEW YORK — Thompson Creek Metals Co. Inc. is suspending stripping activity at its namesake mine in Idaho in an effort to save nearly $110 million between now and 2014.

"As a result of continuing weakness and uncertainty in the world economy, we have decided to reduce our costs, strengthen our balance sheet and conserve cash," chairman and chief executive officer Kevin Loughrey said in a statement.

Operations at the Thompson Creek Mine will continue through 2014 in the current stage of production, referred to as Phase 7. But the next phase of production, Phase 8, has been suspended, the miner said.....

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