February 24, 2011 / 11:19 PM / in 7 years

UPDATE 1-Strong prices lift Thompson Creek operating profit

* Q4 Adj EPS $0.20 vs $0.14 a year-ago

* Revenue up 48 percent at $156.8 mln (In U.S. dollars unless noted)

TORONTO, Feb 24 (Reuters) - Thompson Creek Metals TCM.TO said on Thursday that its quarterly operating profit rose due to an increase in molybdenum sales volumes and a higher average realized sales price for the metal that is used to harden steel.

Excluding one-time items, the company’s fourth-quarter earnings rose to $34.4 million, or 20 cents a share, up from a a year-ago profit of $20.4 million, or 14 cents a share.

Operating earnings rose to $47.4 million, from $15.8 million.

The molybdenum miner said that, on a net basis, it posted a loss of $45 million, or 28 cents a share, due to an unrealized loss on common share purchase warrants.

That compares with a year-ago net profit of $26 million, or 18 cents a share, when results were boosted by an unrealized gain on common stock purchase warrants.

Quarterly revenue rose 48 percent to $156.8 million.

Thompson Creek produces molybdenum from two mines in North America. The company is building a copper-gold mine in British Columbia, and has numerous molybdenum and silver development projects in North America.

$1=$0.98 Canadian Reporting by Euan Rocha and Julie Gordon

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