On August 6, Toronto, Canada-based Thompson Creek, one of world's largest molybdenum producers, issued its financial results for the second quarter of 2010, stating the price of molybdenum kept rising during the quarter.
According to the financial results, the net profit of the company was $126.5 million in the second quarter of 2010, compared with a net loss of $89.3 million in the second quarter of 2009, dropping 87 percent. Sales revenues in the second quarter of 2010 doubled year on year, rising from $74 million to $148.4 million.
The company's mines produced 7 million pounds (3.18 million kg) of molybdenum in the second quarter of 2010, compared to 6.7 million pounds in the second quarter of 2009.
"Thompson Creek improved its financial performance in the second quarter of 2010 as a result of strengthening molybdenum prices. The company's average realized molybdenum sales price for the second quarter of 2010 increased by 16 percent from the first quarter of 2010 and nearly 80 percent from one year ago," said Kevin Loughrey, chairman and chief executive officer.