UPDATE: Dahlman Rose Downgrades Thompson Creek Metals to Hold
Dahlman Rose lowers its rating on Thompson Creek Metals (NYSE: TC) to Hold from Buy over balance sheet concerns in the near term.
Dahlman Rose notes, "We are downgrading our rating on TC shares to Hold from Buy. While we are optimistic on the long-term outlook, as the company diversifies into copper and gold, over the near-term the company's balance sheet will be strained by the significant capital expenditure requirements at its Mt. Milligan asset. Management estimates that the remaining cost to complete the Mt. Milligan and Endako expansions are $1.1 Bn. The company's available financing stands at $927 MM."
TC closed at $7.36 a share on Tuesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.