Thompson metal price rise

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Thompson metal price rise

Mining company Thompson Creek Metals Co. Inc. reported a rise in operating profit due to raised molybdenum prices and sales, and said prices of the metal are likely to continue to increase in 2011.

The  miner, one of the world’s largest molybdenum producers, said fourth-quarter earnings rose to $34.4 million, or 20 cents a share, excluding one-time items.

Stripping out a $79.4 million non-cash charge on warrants, Thompson Creek’s earnings for the quarter were up from a profit of $20.4 million, or 14 cents a share, a year earlier.

On a net basis, the miner posted a loss of $45 million, or $0.28 cents a share.

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