Thompson Creek -2.3% after TD points out solvency issue

|About: Thompson Creek Metals Compa... (TCPTF)|By:, SA News Editor

Thompson Creek Metals (TC -2.3%) appears to be running out of cash, TD Securities warns, pointing to TC's highly leveraged balance sheet and its unsustainable molybdenum operations at current metal prices.

TC's long-term solvency is a "major issue" whatever the outcome of the Mt. Milligan ramp-up, the firm says; with a bad ramp-up and even lower metal prices, TC could be pressured to refinance next year.

The firm maintains its Reduce rating and $0.50 price target.