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Thompson Creek Rises After China Molybdenum Report

Oct. 29 (Bloomberg) -- Thompson Creek Metals Co., the operator of two molybdenum mines in North America, rose the most in 17 months after a report that China is preparing to classify the metal as a so-called national mining resource.

The move by China would limit the mining of the metal starting next year, the China Securities Journal reported today, citing an unidentified person. Molybdenum is used in steelmaking.

China this year curbed exports of rare-earth metals, a group of metallic elements used in petroleum refining, fiber-optic transmission, and military radar and missile-guidance systems. Rare-earth prices jumped following the move.

Thompson Creek climbed C$1.32, or 12 percent, to C$12.28 at 4:24 p.m. in Toronto Stock Exchange trading, the biggest gain since May 19, 2009. The shares are little changed this year.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net.

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net.

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