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2/25/13

Thompson Creek (TCM.to) (TC): There is of course absolutely no connection...

"...according to information reliably received, a lot of what TCM thought was ore is silicate encapsulated fine moly and is (I quote) "totally unrecoverable". The decision to run Endako on stockpile only  was blamed in part on the low moly prices and the need to cut operating costs, but that's only half the story folks. Unless TCM's scientist boffins come up with a new way of recovering moly, when the three year stockpile runs out that's all she wrote for the mine and after spending over $600m on that nice new mill, too. As it happens, some of those boffins inside TCM have apparently been trying to tell the stuffed suits at board level about this for quite a while but it's only now, when the caca hits the ventilador, that they're actually being listened to at last."
"During the fourth quarter of 2012, Thompson Creek recognized a $530.5 million non-cash pre-tax write down of its share of the property, plant, equipment and development assets at the Endako Mine."
Absolutely none at all. Oh no no no no no. My thanks the hardrock hotshot for the headsup.