Thompson Creek Metals profits weaken in first quarter, revenues down

DENVER – Thompson Creek Metals Company Inc. (TSX:TCM) said Wednesday that its first-quarter profits weakened to $900,000.

The results were equivalent to nil per share in the three months ended March 31, compared to $1.1 million, or a penny per share, a year earlier.

On an adjusted basis, the results were $900,000 versus $1.2 million a year ago.

The company also posted a $17-million operating income, compared to a loss of $16.5 million in the comparable period.

Chief executive Kevin Loughrey focused on the improvement over the company’s fourth quarter results, when Thomson Creek wrote down the value of the Endako Mine in B.C’s northern Interior by US$530.5 million, pushing it deep into a loss.

“We are pleased to report continued improvement of operational performance at both our Thompson Creek and Endako Mines, compared to the fourth quarter of 2012,” he said.

“We achieved lower cash costs per pound produced and increased sales.”

Revenue slipped to $108.7 million from $113.6 million a year earlier.

The company is also building the Mt. Milligan copper and gold mine northwest of Prince George, B.C., with plans a startup in August while commercial production is targeting to begin in the fourth quarter.