Mt. Milligan Project Benefits From Idaho Mine Reduction
Thompson Creek juggles finances
The company building the Mount Milligan copper and gold mine near Fort St. James is mining another operation for money to help finish construction.
Thompson Creek Metals is scaling back mining at its flagship molybdenum operation in Idaho, expecting to save more than $100-million between now and 2014.
The move will affect about 100 jobs.
Chairman and CEO Kevin Loughrey says the cost savings will help Thompson Creek access financing to complete development at Mount Milligan. Costs there have increased since original estimates.
Loughrey cites continuing weakness and uncertainty in the world economy for the squeeze on the company.
Thompson Creek announced in August that it was shutting down mining at its Endako molybdenum mine in the Northwest until at least the spring, although it's continuing to mill stockpiled ore.