Hold Rating and 4$ target Thompson Creek Metals Company Inc. (TC US$3.26, NYSE/TCM
C$3.41, TSX)
Site visit notes from Mt Milligan mine tour; reiterating Hold rating and US$4 target
John Hughes • (416) 607‐3021 • john.hughes@vmd.desjardins.com
Bill Mantzoutsos, CFA, Associate • (416) 607‐3027 • bill.mantzoutsos@vmd.desjardins.com
The Desjardins Takeaway
This week, Thompson Creek hosted a site visit of the company’s 100%‐owned Mt Milligan copper and
gold project, which Desjardins Capital Markets attended. We are maintaining our one‐year target of
US$4. We arrive at our valuation by applying a 6x multiple to our 2014 EPS estimate of US$0.57. We
also reiterate our Hold–Above‐average Risk recommendation.