On November 5, Toronto, Canada-based Thompson Creek, one of world's largest molybdenum producers, issued its financial results for the third quarter of 2010, stating that the price of molybdenum kept strengthening during the quarter and improved the year-on-year results.
According to the financial results, the net profit of the company was $31.1 million in the third quarter of 2010, compared with a net loss of $1.4 million in the third quarter of 2009. The net profit result for the quarter included a non-cash unrealized loss on common stock warrants of $20.5 million, the company said. Sales revenues in the third quarter of 2010 were up 41.4 percent, rising from $114.4 million to $161.8 million.
Molybdenum production for the third quarter of 2010 was 8 million pounds, up 28 percent from 6.2 million pounds for the third quarter of 2009.
Commenting on the results, Kevin Loughrey, chairman and chief executive officer, said "The company's average realized molybdenum sales price for the third quarter of 2010 increased by 20 percent to $15.30 per pound from $12.75 per pound in the third quarter of 2009. We anticipate that over the balance of 2010 and in 2011 the price for molybdenum oxide will continue to be volatile, but will gradually increase with the expected improvement in worldwide molybdenum bearing steel production."
On October 20, 2010, Thompson Creek completed the acquisition of Terrane Metals Corp.