Thompson Creek writes down Endako moly mine, reports $484.4-million Q4 loss

DENVER – Thompson Creek Metals Company Inc. (TSX:TCM) has written down the value of the Endako Mine in B.C’s northern Interior by US$530.5 million.

That was the main reason for a $484.4-million, fourth-quarter net loss reported Monday by the Denver-headquartered mining company.

The loss amounted to $2.87 per share before adjustments.

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On an adjusted basis, Thompson Creek’s net loss was $18 million or 11 cents per share.

The company’s other producing operation is the Thompson Creek mine in Idaho, near the town of Challis.

It’s also building the Mt. Milligan copper and gold mine northwest of Prince George, B.C., with plans to have it operational next year.

Thompson Creek said the Endako writedown was triggered by a significant decline in the price of molybdenum, one of the minerals used to make steel.

Thompson Creek was down 23 cents or about six per cent at C$3.41 on the Toronto Stock Exchange at mid-morning.