B.C.’s Endako molybdenum mine has added another two years to its life.
Thompson Creek Metals (TSX:TCM), the Denver-based company that owns the mine near Prince George, said Monday moly reserves at the mine had increased 9% to 312.2 million pounds.
The increase would allow the project, which began operations in 1965, to extend its life to 2028.
The mine is a joint venture between Thompson Creek and Sojitz Corp. of Japan, which owns a 25% stake in the project.
Thompson Creek is also in the midst of a major mill expansion at the mine, allowing it to increase production to 55,000 tonnes per day from 31,000.
The company is also busy building a second mine in B.C. near Fort St. James.
That project, known as Mount Milligan, contains some six million ounces of gold and two billion pounds of copper and is expected to be in production in 2013.
At press time, Thompson Creek’s shares were down 3% to $7.59.
Joel McKay
Twitter:jmckaybiv