News from PR Newswire

Thompson Creek changes production guidance for 2009

07:00 EST Tuesday, January 27, 2009

    NYSE: TC
    TSX: TCM, TCM.WT
    Frankfurt: A6R

TORONTO, Jan. 27 /PRNewswire-FirstCall/ - Thompson Creek Metals Company Inc. (the "Company"), one of the world's largest publicly traded, pure molybdenum producers, today announced that due to unfavorable market conditions and reduced demand for molybdenum, the Company intends to reduce molybdenum production in 2009 from levels that were previously planned.

The Company is currently reviewing adjustments to production plans and at this time anticipates total molybdenum production of 20 to 24 million pounds in 2009, down from previous guidance of 31.5 to 34 million pounds.

"In response to the downturn in worldwide economic activity, the Company decided in December 2008 to reduce planned capital expenditures as part of an initiative to conserve cash and we are now taking the added step of reducing production levels," said Kevin Loughrey, Chairman and Chief Executive Officer.

"We are currently planning a temporary shutdown for about a month this summer in mining activity at both the Thompson Creek and Endako mines and there will be other production changes about which we will provide details at a later date after they are decided. The Company intends to remain flexible and adjust production as needed in response to changing market conditions."