January 25, 2010 / 12:00 PM / 8 years ago

UPDATE 1-Thompson Creek to adopt US GAAP, sees FY09 loss

* Says to use U.S. GAAP to report FY09 results

* Sees FY net loss on non-cash charge

* Sees FY net income on adjusted basis

Jan 25 (Reuters) - Thompson Creek Metals Co TCM.TO said it will report its 2009 financial results as per U.S. generally accepted accounting principles, and sees a net loss for the year due to the change in the accounting method.

The company, which reports financial results in U.S. dollars, said the change would mainly impact its outstanding warrants, and sees a pre-tax non-cash charge of about $93 million in 2009 as a result of change in fair value of these warrants.

Thompson Creek said it expects to report a net loss for for the year on account of the charge. However, excluding the non-cash charge it expects to report a net income for fiscal 2009.

The Canadian molybdenum miner said more than 50 percent of its outstanding shares were held by U.S. residents, and hence it is required to comply with U.S. Securities and Exchange Commission public reporting filing requirements as of Jan. 1.

Thomson Creek shares, which have gained about 6 percent in last three months, closed at C$13.74 Friday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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