Thompson Creek Metals Company, pure molybdenum producers have announced that capital expenditures in 2010 are expected to be $298m, comprised of $89m in sustaining capital expenditures and $209m for its 75% share of capital expenditures needed for the EndakoMine expansion project.
They said: “We have increased our sustaining capital expenditures for our producing operations in 2010 as we proceed with maintenance and upgrades that had been postponed to conserve cash in 2009 and as we begin purchasing new equipment required for the extended 16-year mine life recently announced for the Thompson Creek Mine”.
“The purchase of new trucks, shovels and drills will amount to almost one-half of the estimated $89 million in sustaining capital expenditures in 2010,”
“We are also increasing our spending on important reclamation and environmental measures in 2010.”
The company thinks that its capital expenditures in 2009 will possibly make $32m.