We are a North American mining company engaged in the full mining cycle, which
includes acquisition, exploration, development and operation of mineral properties.
In the past several years, we have evolved from being a major primary molybdenum
producer to becoming a copper and gold mining company with the construction
and development of our principal operating asset, our open-pit copper-gold mine
and concentrator in British Columbia, Canada (“Mount Milligan Mine”).
In 2015, we shifted the core focus of our business to copper and gold while
at the same time developing a strategy to maintain the optionality of our molybdenum
business. This shift in core focus was primarily the result of expected ongoing
weakness in the molybdenum market due to an overall weak global economy for
molybdenum products. During 2015, we sold inventory produced at our molybdenum
mines in 2014 and continued to operate our metallurgical facility in Pennsylvania,
USA (the “Langeloth Facility”), roasting third-party molybdenum
concentrate and other metals.
We were organized in 2000 as a corporation under the laws of Ontario, Canada,
and were continued as a corporation under the laws of British Columbia, Canada
in 2008. We are a corporation governed by the Business Corporations Act (British
Columbia). In October 2006, we acquired Thompson Creek Metals Company USA, then
a privately-held company incorporated and headquartered in the United States,
and in so doing acquired TC Mine, Endako Mine and the Langeloth Facility. In
October 2010, we acquired Terrane Metals Corp. (“Terrane”) and in
so doing acquired the Mount Milligan development project, which is now Mount
Milligan Mine. Through the Terrane acquisition we also acquired a copper, molybdenum
and silver exploration property located in British Columbia, Canada (the “Berg
Property”). Our corporate headquarters are in Littleton, Colorado, USA.
Our principal molybdenum products are molybdic oxide (also known as roasted
molybdenum concentrate) and ferromolybdenum. Other products we produce include
high soluble technical oxide, pure molybdenum trioxide and high purity molybdenum
disulfide. Prior to December 31, 2014, we sourced molybdenum from our two primary
mines, TC Mine and Endako Mine, and from third-party producers. As of January
1, 2015, our principal source for molybdenum concentrate was sourced from by-product
production from copper mines in North and South America. In addition to toll
converting such concentrate for third party suppliers, we also purchase this
concentrate to upgrade and sell to other customers.
We produce copper and gold in a saleable concentrate at our Mount Milligan
Mine and sell the concentrate to third parties, including smelters and traders,
which we refer to as “MTM Customers.” We are currently party to
four multi-year concentrate sales agreements.
Pricing under these concentrate sales agreements will be determined by reference
to specified published reference prices during the applicable quotation periods.
Payment for the concentrate will be based on the price for the agreed copper
and gold content of the parcels delivered, less smelting and refining charges
and certain other deductions, if applicable. The copper smelting and refining
charges will be negotiated in good faith and agreed by the parties for each
contract year based on terms generally acknowledged as industry benchmark terms.
The gold refining charges are as specified in the agreements. Remaining concentrate
produced at Mount Milligan Mine will be sold under short-term contracts or on
a spot basis.
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