Thompson Creek Metal: Shares Jump After Buyback Plan Announcement

Sep.26.08 | About: Thompson Creek (TCPTF)

Thompson Creek Metal Company Inc. (TC) shares were back on the upswing Thursday morning, after the company announced just before 3 PM ET,  a new share repurchase program.

The pure play molybdenum producer, said it intends to purchase for cancellation up to a maximum of 12,300,000 shares, representing approximately 10% of the company's public float currently outstanding.

Shares in Thompson Creek, which rose to C$12.08 in early morning trading, were down as much as 4% to C$11.39 before the buyback news. At 3:40 PM ET, the stock had rallied back to C$11.79.