Thompson Creek Reports Third Quarter and Nine Month 2012 Financial Results
NYSE: TC
TSX: TCM
DENVER, CO, Nov. 9, 2012 /CNW/ - Thompson Creek Metals Company Inc. (the "Company"), a growing, diversified North American mining company, today announced financial results for the three and nine months ended September 30, 2012, prepared in accordance with United States generally accepted accounting principles ("US GAAP"). All dollar amounts are in United States ("US") dollars unless otherwise indicated.
The Company reported for the third quarter ended September 30, 2012, a net loss of $48.2 million, or $0.29 per basic and diluted share, which included a goodwill impairment loss of $47.0 million, or $0.28 per basic and diluted share, and an adjusted net loss of $1.2 million, or $0.01 per basic and diluted share (excluding the goodwill impairment for 2012), on consolidated revenue of $74.9 million. This compares to net income of $45.6 million, or $0.27 per basic and diluted share, and adjusted net income of $3.6 million, or $0.02 per basic and diluted share, on consolidated revenue of $154.8 million for the prior year period.
For the nine months ended September 30, 2012, the Company reported a net loss of $61.9 million, or $0.37 per basic and diluted share, which included a goodwill impairment loss of $47.0 million, or $0.28 per basic and diluted share and a non-cash unrealized gain on common stock purchase warrants of $1.8 million, or $0.01 per basic and diluted share. Non-GAAP adjusted net loss for the first nine months of 2012 was $16.7 million, or $0.10 per basic and diluted share (excluding the goodwill impairment and the unrealized gain on common stock purchase warrants for 2012), on consolidated revenue of $302.0 million. This compares to net income of $291.3 million, or $1.75 per basic share and $1.67 per diluted share, and adjusted net income of $122.9 million, or $0.74 per basic share and $0.70 per diluted share, on consolidated revenue of $552.4 million for the prior year period.
For the third quarter and first nine months of 2012, the Company realized operating losses of $37.4 million and $72.3 million, respectively. The operating losses were primarily the result of declining molybdenum market prices, lower production and higher unit costs from our mines, which resulted in lower-of-cost-or-market product inventory write-downs of $29.5 million and $57.2 million in the third quarter and first nine months of 2012, respectively. Combined with this were significantly lower sales volumes from our mines in the third quarter and first nine months of 2012 due to lower production volumes.
During the third quarter of 2012, the Company suspended waste stripping activity associated with the next phase of production at the Thompson Creek Mine. As a result of this decision and the recent decline in molybdenum prices, the Company was required to evaluate its goodwill for impairment on an enterprise-wide basis at September 30, 2012. As a result of this evaluation, an impairment charge of $47.0 million was recorded.
Production and costs during the third quarter and first nine months of 2012 were negatively impacted by lower-than-anticipated ore grades and mill recoveries at the Endako Mine, planned mine pit sequencing and waste stripping activities at the Thompson Creek Mine, and the May 2012 pit wall slough at the Thompson Creek Mine. Although the pit wall slough at the Thompson Creek Mine had a negative impact on production from the mine during the second quarter of 2012, the Company believes that the impact of the slough on total production from the Thompson Creek Mine for 2012 will not be material, as we are currently mining higher-grade ore at the Thompson Creek Mine and plan to continue doing so throughout the fourth quarter of 2012. A planned third quarter shut-down of the Langeloth Facility for scheduled repairs and maintenance activities also resulted in higher inventory levels in the third quarter of 2012. The average realized molybdenum sales price for the third quarter and nine months of 2012 was $12.85 and $14.15 per pound, respectively, compared to $15.64 and $16.83 per pound for the same periods in 2011.
Kevin Loughrey, Chairman and Chief Executive Officer of Thompson Creek, said, "Although our financial results continued to be negatively impacted in the third quarter and first nine months of 2012 for the reasons discussed above, I am pleased to report that we have achieved higher production and lower costs for the third quarter of 2012, as compared to the second quarter of 2012. Total production for the third quarter of 2012 was 6.1 million pounds of molybdenum, compared to 4.1 million pounds in the second quarter of 2012, an increase of 49%. Weighted-average cash costs for the third quarter of 2012 were $9.46 per pound, compared to $14.57 per pound in the second quarter of 2012, a decrease of 35%. We anticipate that the previously announced revised mine plans for the Endako and Thompson Creek Mines, as well as our other ongoing initiatives will continue to increase production and lower costs and enable us to meet our 2012 updated production and cash cost guidance."
"In the third quarter, we continued to make significant progress in the construction and development of our Mt. Milligan copper-gold mine," said Mr. Loughrey. "The total capital expenditure since inception of the project on a cash basis is approximately C$935 million and overall project completion is estimated to be at 75%. The project remains on budget and on schedule, with completion expected in the third quarter of 2013 and commercial production of copper and gold expected in the fourth quarter of 2013. As we look forward, we are on track to diversifying our portfolio of assets and strengthening the Company's longer-term financial profile," added Mr. Loughrey.
weiter geht es hier...
tmx.quotemedia.com/....php?newsid=55754765&qm_symbol=TC:US