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Thompson Creek (TC) Reports Loss in Q3, Revenues Top

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Thompson Creek Metals Company Inc.TC is engaged in the exploration and development of copper, gold and molybdenum in the U.S. It is one of the leading publicly traded, pure molybdenum producers in the world. The company owns the Thompson Creek open-pit molybdenum mine and mill in Idaho, a seventy five percent share of the Endako open-pit mine, mill and roasting facility in northern British Columbia, and a metallurgical roasting facility in Langeloth, PA.

In addition to the continued ramp-up of production at Mount Milligan, Thompson Creek remains focused on strengthening its balance sheet and reducing debt. Further, Thompson Creek expects its molybdenum business to generate positive cash flow of about $20−$21 million in 2015, including the accrued payments of roughly $7 million at the Endako mine.

Let's have a quick look at this mining company's third-quarter release.

Estimate Trend & Surprise History

Investors should note that the earnings estimate for Thompson Creek for the third quarter has increases over the past month. However, Thompson Creek has missed the Zacks Consensus Estimate in 3 of the trailing 4 quarters with an average negative surprise of 167.71%.

Earnings

Thompson Creek reported adjusted loss of 2 cents per share, missing the Zacks Consensus Estimate of earnings of a penny per share.

Revenues

Thompson Creek recorded total revenues of $141.7 million, down roughly 38% year over year. That topped the Zacks Consensus Estimate of $127 million.

Key Stats/Developments to Note

In the reported quarter, payable production at the company's Mount Milligan Mine was 16.4 million pounds of copper and 53,791 ounces of gold, versus to payable production of 16.3 million pounds of copper and 60,366 ounces of gold in the same quarter a year ago.

Copper and gold sales volumes were 24.4 million pounds and 75,451 ounces while average realized sales prices for copper and gold were $2.09 per pound and $926 per ounce in the third quarter. Molybdenum sales volumes were 2.9 million pounds at an average realized price of $7.86 per pound.

Zacks Rank

Thompson Creek currently has a Zacks Rank #3 (Hold), but that could change following the company's earnings report which was just released.

Market Reaction

Thompson Creek's shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.

Check back later for our full write up on Thompson Creek's earnings report!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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