May 8, 2009 / 3:59 PM / in 8 years

INTERVIEW-Thompson Creek foresees molybdenum price rebound

* Does not plan any more production cuts, at this time

* Mid- to long-term view of moly market is still positive

TORONTO, May 8 (Reuters) - Molybdenum miner Thompson Creek Metals Co TCM.TO does not plan any additional production cuts for now and expects molybdenum prices to rebound in the mid- to long-term, Chief Executive Kevin Loughrey, said on Friday.

“Our mid- to long-term view of the moly market is still positive. We think it is going to come back and when it does, we are in a position to take advantage of it,” Loughrey said in an interview with Reuters.

Molybdenum, which is used as a strengthening and anti-corrosion agent in steel and stainless steel, has seen demand and prices plummet in the past few months, due to the global economic slowdown.

However, Thompson Creek’s shares on the Toronto Stock Exchange were up 6.5 percent at C$9.02, after the Canadian miner posted better than expected first-quarter results late on Thursday. (Reporting by Euan Rocha)

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