Thompson Creek Metals is targeting 55 million to 65 million lb of payable copper production from its Mt. Milligan mine in British Columbia in 2016, down from last year as it looks to maximize gold output, the US miner said Thursday.
The mine produced 140,700 dry mt of concentrate containing 71.4 million lb of payable copper and 218,100 oz of payable gold in 2015, representing increases of around 11% and 23%, respectively, from payable copper and gold output in 2014.
"Based on recent and continuing weakness in the copper price and the relative strength of the gold price, together with management's expectations of metals prices in 2016, the mine plan will emphasize production from zones with a higher gold grade," the company said in a statement.
Payable gold output for 2016 was forecast at 240,000-270,000 oz.
Operations at the company's primary molybdenum mines at Thompson Creek in Idaho and Endako in British Columbia are suspended.
Thompson Creek Metals and its Japanese joint-venture partner Sojitz Moly Resources agreed to place the Endako mine on care and maintenance effective July 1, due to continued weakness in the molybdenum market.
Operations at the mine were temporarily suspended at the end of 2014. At the same time, the company's Thompson Creek mine was placed on care and maintenance.
Thompson Creek holds a 75% interest in Endako, with Sojitz holding the remaining 25%.
The company sold 12.1 million lb of molybdenum in 2015 -- 3.9 million lb from its own mines and 8.2 million lb sourced from third parties.
