Thompson Creek cuts 2008 molybdenum forecast

VANCOUVER, British Columbia, Feb 19 (Reuters) - Thompson Creek Metals Co Inc (TCM.TO: Quote, Profile, Research) cut its 2008 production forecast for molybdenum on Tuesday after a pit-wall slide at one of its mines, but said the group's 2007 output was higher than had been expected.

Thompson Creek, one of the world's largest publicly traded pure molybdenum producers, said it expects its 75 percent share of output at the Endako mine will be between 6.5 million and 7.5 million pounds in 2008.

It previously estimated output would be between 7.5 million and 8.5 million pounds.

"This revised guidance is based on a new mine plan necessitated by a pit-wall slide experienced last November at the mine's Endako pit," Thompson Creek said in a statement.

The company did not change its guidance for production at its other operation, the Thompson Creek mine, keeping it at between 16.5 million and 17.0 million pounds for this year.

The company's total production of molybdenum is now expected to be between 23 million and 24.5 million pounds in 2008, compared with the previous estimate of between 24 million and 25.5 million pounds.

For 2009, the company continues to expect its total molybdenum production will be in excess of 34 million pounds.

Following slightly higher than expected output in the fourth quarter of 2007, Thompson Creek said molybdenum production for all of 2007 was 16.3 million pounds compared with a Dec. 12 estimate of 15.9 million pounds. (Reporting by Nicole Mordant; Editing by Rob Wilson)