Imperial Metals Corp
TSX:III
Imperial Metals Corp
Imperial Metals Corp. engages in the aacquisition, exploration, development, mining and production of base and precious metals. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2002-04-25. The firm is engaged in the exploration, development, and production of base and precious metals from its mineral properties. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia. The company also holds a 100% interest in the Ruddock Creek lead/zinc property. Its Red Chris mine is located in northwest British Columbia, approximately 80 kilometers (km) south of Dease Lake. The property consists of approximately 77 mineral tenures covering approximately 23,142 hectares (ha). Its Mount Polley copper mine is located in south-central British Columbia, approximately 56 km northeast of Williams Lake, and covers approximately 20,113 ha. Its Huckleberry copper mine is located approximately 88 km from Houston, British Columbia, and covers an area of 23,241 ha.
Imperial Metals Corp. engages in the aacquisition, exploration, development, mining and production of base and precious metals. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2002-04-25. The firm is engaged in the exploration, development, and production of base and precious metals from its mineral properties. The Company, through its subsidiaries, owns a 30% interest in the Red Chris mine, and a 100% interest in both the Mount Polley and Huckleberry copper mines in British Columbia. The company also holds a 100% interest in the Ruddock Creek lead/zinc property. Its Red Chris mine is located in northwest British Columbia, approximately 80 kilometers (km) south of Dease Lake. The property consists of approximately 77 mineral tenures covering approximately 23,142 hectares (ha). Its Mount Polley copper mine is located in south-central British Columbia, approximately 56 km northeast of Williams Lake, and covers approximately 20,113 ha. Its Huckleberry copper mine is located approximately 88 km from Houston, British Columbia, and covers an area of 23,241 ha.
Revenue Drop: Revenue fell to $70.5 million from $90.2 million last year, driven by lower shipment volumes and negative revenue revaluations.
Mount Polley Impacted: Operations at Mount Polley were affected by a strike, leading to lower production and reliance on low-grade stockpiles.
Red Chris Performance: Red Chris saw higher copper and gold output in Q3 versus Q2, with improved grades and recoveries, and operational improvements beginning to show results.
Losses Widened: Net loss increased to $28.6 million from $1.6 million in the prior quarter, mainly from reduced mine income and lower FX gains.
Balance Sheet Pressure: The company reported a large working capital deficit of $819.7 million, with major debt maturities due in early 2019 and a restructuring process underway.
JV Discussions: Talks continue for a joint venture at Red Chris covering both open pit and underground, but alternatives are also being considered for financial restructuring.
