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Thompson Creek Metals Company Reports Increase in Second Quarter 2014 Operating Income of 233% and Positive Net Cash Flow

Press Release –

August 5, 2014

Denver, CO – Thompson Creek Metals Company Inc. (NYSE: TC) (TSX: TCM) (the “Company” or “Thompson Creek”), a diversified North American mining company, announced today financial results for the three and six months ended June 30, 2014, prepared in accordance with United States generally accepted accounting principles (“US GAAP”). All dollar amounts are in United States (“US”) dollars unless otherwise indicated.

“We are pleased with our improving safety performance, operational results and ending cash position,” said Jacques Perron, Chief Executive Officer of Thompson Creek. “We ended the quarter with an increase in cash from the first quarter of this year, which is another significant milestone for our Company following the completion of Mt. Milligan Mine. During the second quarter of 2014, we continued to focus on execution at Mt. Milligan and achieved an average mill throughput of 48,065 tonnes per day for the month of June 2014 and experienced improvements in both copper and gold recoveries. Looking ahead, management will remain focused on the Mt. Milligan ramp-up. We continue to expect fluctuations in mill throughput until we consistently achieve approximately 80% of design capacity, which we expect by year-end 2014, and 100% by year-end 2015.”

Highlights for the Second Quarter 2014

  • Total cash and cash equivalents at June 30, 2014 were $216.1 million compared to $202.7 million at March 31, 2014 and $233.9 million at December 31, 2013.
  • Cash generated by operating activities was $50.7 million in the second quarter of 2014 compared to $45.2 million in the second quarter of 2013.
  • Consolidated revenues for the second quarter of 2014 were $248.4 million, up from $117.8 million for the second quarter of 2013, primarily as a result of copper and gold revenue of $118.9 million from Mt. Milligan Mine. For the second quarter of 2014, the Company made three shipments of copper and gold concentrate and recorded four sales.
  • Sales volumes and average realized sales prices for copper and gold in the second quarter of 2014 were 21.9 million pounds of copper at an average realized price of $3.20 per pound and 51,983 ounces of gold at an average realized price of $1,047 per ounce. Molybdenum sales volumes in the second quarter of 2014 were 9.7 million pounds at an average realized price of $13.03 per pound compared to 9.7 million pounds at an average realized price of $11.60 per pound for the second quarter of 2013.
  • Consolidated operating income for the second quarter of 2014 was $57.3 million compared to operating income of $17.2 million for the second quarter of 2013. The increase in consolidated operating income in the second quarter of 2014 was due primarily to the addition of operating income from Mt. Milligan Mine and increased operating income from Thompson Creek Mine (“TC Mine”).
  • Net income for the second quarter of 2014 was $61.6 million, or $0.28 per diluted share, compared to a net loss of $19.2 million, or $0.11 per diluted share, for the second quarter of 2013. The second quarter of 2014 and 2013 included non-cash foreign exchange gains of $42.3 million and foreign exchange losses of $34.8 million, respectively, primarily on intercompany notes.
  • Non-GAAP adjusted net income for the second quarter of 2014 was $22.0 million, or $0.10 per diluted share, compared to non-GAAP adjusted net income of $13.8 million, or $0.06 per diluted share, for the second quarter of 2013. Non-GAAP adjusted net income for the second quarter of 2014 and 2013 excluded foreign exchange gains and losses, net of tax impacts, respectively.
  • Copper and gold payable production during the second quarter of 2014 was 16 million pounds of copper and 37,030 ounces of gold. Non-GAAP unit cash costs for copper and gold for the second quarter of 2014 were, on a by-product basis, $0.33 per pound of copper, and, on a co-product basis, $1.97 per pound of copper and $538 per ounce of gold. The by-product cash cost for copper was positively impacted by gold revenues from four sales of copper and gold concentrate during the second quarter of 2014, which increased the gold by-product credits. Timing of concentrate sales will impact the by-product cash costs for Mt. Milligan on a quarter-by-quarter basis.
  • Molybdenum production for the second quarter of 2014 was 7.5 million pounds compared to 6.5 million pounds in the second quarter of 2013. Non-GAAP average molybdenum cash cost per pound produced for the second quarter of 2014 was $6.25 per pound compared to $7.46 per pound in the second quarter of 2013.
  • Capital expenditures in the second quarter of 2014 were $26.7 million, comprised of $25.9 million for Mt. Milligan Mine and $0.8 million of other capital costs for Endako Mine, TC Mine, the Langeloth Facility and corporate combined, compared to $119.5 million in the second quarter of 2013.
  • Total debt, including capital lease obligations, at June 30, 2014 was $983.8 million, compared to $1,012.8 million at December 31, 2013.

Read more: http://www.thompsoncreekmetals.com/i/pdf/nr/2014-NR-668017.pdf

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