Thompson Creek shares surge after China limit moly mining
Canadian Business reported that shares in molybdenum producer Thompson Creek Metals Company Inc surged more than 12% following a report that China will limit mining of the specialty metal beginning next year.
Thompson Creek's stock added USD 1.32 or 12.04% to USD 12.28 on the Toronto Stock Exchange after earlier rising as high as USD 12.73. The jump came after the China Securities Journal reported that the country is planning to classify molybdenum a specialty metal widely used in alloys of steel, iron and other metals as a national resource so it can limit production of the commodity.
Ms Pamela Solly spokeswoman of Thompson Creek said that it would have an impact on world supply, which would hopefully drive prices. Thompson Creek recently completed USD 650 million acquisition of Terrane Metals Corporation.
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