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Print[Ferro-Alloys.com]US molybdenum producer Thompson Creek Metals returned to operating profit in the first quarter, largely as a result of reduced cash costs, the company said late Wednesday.
In the three months to March 31, the company recorded operating income of $17 million compared with a $16.5 million loss in the first quarter of 2012. Net income was $900,000 compared with $1.1 million a year earlier.
Average cash costs of molybdenum produced fell by 54% in Q1 to $5.91/lb from $12.95/lb a year earlier.
Molybdenum production in the quarter increased by 74% to 7.7 million lb (3,493 mt) from 4.4 million lb in Q1 2012 (1,996 mt).
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