Molybdenum mine costs rise

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Molybdenum mine costs rise

Thompson Creek Metals Inc. uncovered Monday a $124.4m cost boost to its Endako Molybdenum mine because of changes to design. The increase of 33% updates the price of the project to $498m, in which TCM who is current owners of the mine, is responsible for $374m.

 

“While the new design has raised the total capital cost of the Endako modernization and expansion project, the project remains economically attractive and will, with a greater certainty, generate the expected significant reduction in per-pound cash processing costs,” says Thompson Creek Metals chairman and CEO Kevin Loughrey.

 

TCM still need the go ahead of its joint partner Sojitz Corp. to carry on with design.

 

The changes to the design include enhanced flexible pebble crusher circuit to ensure a finer grind and an enhanced automation system, which will add to improved findings of molybdenum from the ore.