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6/1/15

Thompson Creek (TCM.to) (TC) then and now

Who remembers this from nearly three years ago? Very few of you I'd imagine, but I sure as hell do. Check out the bit highlighted:
"...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 tonight, nearly three years later (oh what a coincidence) we get this from Thompson Creek  Metals (TCM.to) (TC):
DENVER, June 1, 2015 /PRNewswire/ - Thompson Creek Metals Company Inc. (TC) (TCM.TO) ("Thompson Creek" or the "Company") announced today that it and its joint venture partner, Sojitz Moly Resources, Inc. ("Sojitz"), have agreed to place the Endako molybdenum mine on care and maintenance effective July 1, 2015, due to continued weakness in the molybdenum market. Thompson Creek holds a 75% interest in the Endako Mine, and Sojitz holds the remaining 25% interest. In connection with the placement of the Mine on care and maintenance, approximately 270 employees will be terminated. 

Apparently it's all "due to continued weakness in the molybdenum market".



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