Thompson Creek results hurt by molybdenum price slump
Feb 21, 2014 | 02:50 PM
| Daniel Fitzgerald
NEW YORK Thompson Creek Metals Co. Inc. remained in the red last year as its results were impacted by declining molybdenum prices and asset writedowns.
The Denver-based company posted an 8.2-percent increase in revenue but still logged a net loss that included a $194.9-million pretax writedown of the fixed assets and materials and supplies inventory at the Thompson Creek and Endako mines.
"During the fourth quarter of 2013 the company revised the proven and probable reserves for both of its molybdenum mines using a $10-per-pound molybdenum oxide price, which resulted in a significant reduction in reserves at Endako Mine. This revision was a triggering event to evaluate for potential long-lived asset impairment," the company said in its Feb. 20 earnings report. ....
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