Mining Halted at Endako
Temporary shutdown does not affect milling
Thompson Creek Metals has shut down mining at Endako but will continue to mill ore it has stockpiled at the operation east of Fraser Lake.
The company says it won't dig up any new ore from the open pit mine until at least next spring.
A news release says the decision was made because of lower-than-expected recovery rates from its new mill and the ore grade at the mine. Molybdenum prices have also fallen.
Milling stockpiled -- rather than newly-extracted -- ore should reduce the company's costs. Thompson Creek says it's also put together a team of experts to work on improving results from its new mill.
It's also revised its deal with Royal Gold to sell it more of the gold from its Mount Milligan mine, in order to raise additional finances to cover construction of that new mine north of Fort St. James.