Reuters reported that Molybdenum miner Thompson Creek Metals lower adjusted profit as production fell in the Q3 and a non cash foreign exchange loss hit earnings.

Net income in the quarter ended September 30th 2011 was USD 45.6 million or 27 cents a share up from a year ago profit of USD 31.1 million or 22 cents a share. Net income was boosted by a non cash, unrealized gain on common stock warrants.

Excluding one time items, earnings in the quarter were USD 3.6 million or 2 cents a share compared with USD 51.6 million or 37 cents a basic share.

Thompson Creek, which owns the Thompson Creek mine in Idaho and the Endako mine in British Columbia, was hit by USD 23.9 million foreign exchange loss, as the US dollar strengthened against the Canadian dollar.

Revenue in the quarter fell 4% to USD 154.8 million on lower sales volumes. Production dropped to 3.7 million pounds from 8 million pounds in the year earlier quarter.

(Sourced from Reuters)