Thompson Creek suspending molybdenum output

It has been announced that Thompson Creek Metals will cease mining activities at its Thompson Creek molybdenum mine, in Idaho, once its current production phase is finished, which is expected to be in the fourth quarter of 2014.
According to company executives, the decision was based on the declining prices of molybdenum since 2012 and on additional weaknesses in the market. The mine will be placed on “care and maintenance,” which means it will be kept in good working order even though it won’t continue to produce metal. The aim is that if the market improves the mine can resume metal production within a short period of time.

The mine became operational in 1983 and was once considered Thompson Creek’s flagship asset. Since that time, however, the company has diversified its business to also include copper and gold to its assets.

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