Thompson Creek Mine delays next-phase work
DENVER (AP) -- Thompson Creek Metals Co. Inc. is suspending work tied to the next phase of production at its molybdenum mine in Idaho in a move that will cost about 100 mine workers their jobs between now and 2014.
The Denver-based company said Wednesday that operations at its Thompson Creek Mine southwest of Challis will continue as planned through 2014, but it is suspending stripping activity associated with the next phase of production. It says the change will save the company about $100 million in operating costs and $8 million to $9 million in capital expenditures between now and 2014, as well as reduce the mine workforce.
CEO Kevin Loughrey says Thompson Creek is cutting costs, strengthening its balance sheet and conserving cash amid weakness and uncertainty in the world economy.