Thompson Creek Metals has terminated its option agreement with US Energy to develop the Mount Emmons molybdenum deposit located in Gunnison County in the US state of Colorado.

The company has cited more immediate development priorities in its portfolio of assets including the expansion of the Endako project, its newly acquired Mt Milligan project and the Berg project.

Thompson Creek CEO Kevin Loughrey said the company continues to believe that the Mount Emmons molybdenum project is a very good project that presents significant opportunities.

"While we are disappointed with Thompson Creek’s departure from the project, we remain committed to moving the project forward on our own behalf as well as reaching out to other potential partners, including those outside of our borders," Loughrey said.