Thompson Creek books Q1 loss of US$39.1M; amid higher costs, exchange loss

DENVER – Thompson Creek Metals Co. (TSX:TCM) dipped into the red ink in the first quarter as the diversified North American miner reported higher operating, depreciation and other expenses while also booking a big non-cash foreign exchange loss.

Thompson Creek said its net loss for the quarter was US$39.1 million or 23 cents per diluted share, compared with net income of $900,000 or less than a penny per share in the same 2013 period.

Revenue rose to US$161 million from US$108.7 million in the year-earlier period.

The Denver-based company said the non-cash foreign exchange loss amounted to US$46.5 million in the quarter, versus US$19.4 million in the year earlier period.

Meanwhile, operating expenses increased to US$107.8 million from US$68.6 million and depreciation, depletion and amortization costs rose to $28.4 million from $12.8 million.