Thompson Creek Metals Co. Inc. has completed its purchase of Terrane Metals Corp. in a cash and stock purchase deal valued at approximately $700 million, the company announced Wednesday.
The deal means that Terrane's $917-million Mount Milligan mine northwest of Prince George is now a property of Thompson Creek, which already operates the Endako molybdenum mine west of Prince George.
"Today is a very special day for our company and our shareholders as we complete our first major acquisition and evolve Thompson Creek from a pure molybdenum producer to a diversified base metals company," said Kevin Loughrey, Thompson Creek's chairman and CEO.
"We are excited to begin construction of the Mt. Milligan project, which we expect will generate substantial growth in revenues for the Company when it is completed, as well as continue to advance our other development projects," said Loughrey.
Some preliminary development - including road upgrades - has started at the Mount Milligan gold and cooper project. The proposed mine is located 155 kilomtres northwest of Prince George, northeast of Fort St. James, making it the closest new mine development to the city.
