UPDATE: BMO Capital Markets Initiated Thompson Creek Metals at Market Perform on Risk Outlook

BMO Capital Markets initiated coverage on Thompson Creek Metals

with Market Perform rating and a $3.60 price target. BMO Capital Markets said, "Thompson Creek is one of the largest pure-play molybdenum producers in the world. The company is listed on the TSX and NYSE. Key assets are the Thompson Creek open-pit mine in Idaho, a metallurgical roasting facility in Langeloth, Pennsylvania, a 75% share of the Endako open-pit mine in northern British Columbia and the Mt. Milligan Copper-Gold Project in British Columbia. … Thompson Creek faces a convergence of risk in 2013/2014, which constrains its long-term valuation potential." Thompson Creek Metals closed at $2.66 on Wednesday.