August 6, 2009 / 9:32 PM / in 9 years

UPDATE 1-Thompson Creek posts quarterly loss

* Q2 nil/shr vs profit of $0.45/shr (In U.S. dollars unless noted)

TORONTO, Aug 6 (Reuters) - Molybdenum producer Thompson Creek Metals TCM.TO said on Thursday it fell to a loss in the second quarter, hurt by a sharp year-over-year drop in price of molybdenum, a strengthening and anti-corrosion agent used in steel.

The company posted a net loss of $400,000, or nil per share, for the quarter ended June 30. That compared with a profit of $60.4 million, or 45 cents a share, a year earlier.

Analysts polled by Reuters had expected, on average, a profit of 1 cent a share, before exceptional items.

Thompson Creek’s revenues declined by 70 percent to $73.8 million in the second quarter, primarily due to a 71 percent decline in the average realized price for molybdenum.

Molybdenum production rose by 9.8 percent to 6.7 million pounds in the second quarter of 2009 from 6.1 million pounds in the first quarter. (Reporting by Euan Rocha; editing by Peter Galloway)

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