On May 5, Toronto, Canada-based Thompson Creek, one of world's largest molybdenum producers, issued its financial results for the first quarter of 2010, stating that the company achieved an excellent operating performance as the price of molybdenum rose significantly during the quarter.
According to the financial results, the net profit of the company was $1.1 million in the first quarter of 2010, compared with a net profit of $8.7 million in the first quarter of 2009, dropping 87 percent. Sales revenues in the first quarter of 2010 saw an increase of 62 percent, rising from $78.8 million in the previous year to $127.8 million.
Total production of the company was 3.76 million kg of molybdenum compared to 2.77 million kg in the same period of last year, increasing 35.7 percent.
"Reflecting the recovery in the world economy and the steel industry in particular, the company's average realized price on molybdenum sales for the first quarter of 2010 has risen by 43 percent from the same quarter a year earlier," said Kevin Loughrey, chairman and chief executive officer of Thompson Creek.