|Imperial Metals Corporation - III.t is advancing the Red Chris project, a 30,000 tonne per day copper/gold mine currently in final stage development. |
The company owns and operates the Mount Polley open pit copper/gold mine, has 50% interest in both the Huckleberry open pit copper mine, and the Ruddock Creek zinc/lead project. The sole active project outside of British Columbia is the Sterling heap leach gold mine in Nevada.
"Imperial Metals Corporation (the “Company”) (III-TSX) reports financial results for the three months ended March 31, 2016 as summarized below and discussed in detail in the Management’s Discussion & Analysis (“MD&A”). The Company’s financial results are prepared in accordance with International Financial Reporting Standards (“IFRS”). The reporting currency for the Company is the Canadian (“CDN”) Dollar.SELECT QUARTERLY FINANCIAL INFORMATION
|Three Months Ended March 31|
|expressed in thousands, except share and per share amounts||2016||2015|
|Net income (loss)||$17,729||$(33,384)|
|Net income (loss) per share||$0.22||$(0.45)|
|Diluted income (loss) per share||$0.22||$(0.45)|
|Working capital deficiency (1)||$173,918||$35,569|
|Total long term debt (including current portion)||$863,712||$818,815|
|Cash dividends declared per common share||$0.00||$0.00|
Revenues were $136.8 million in the March 2016 quarter compared to $1.5 million in the March 2015 quarter. The increase of $135.3 million was due to revenue from the Red Chris and Mount Polley mines in the March 2016 quarter compared to the March 2015 quarter when both mines were not in commercial operations. There were five concentrate shipments in the March 2016 quarter from the Red Chris mine and two concentrate shipments from the Mount Polley mine.
Imperial Metals puts Mount Polley on care, maintenance
The cause of the breach is unknown at this time. The dam is an independently engineered structure that operated within design limits and specifications. Monitoring instruments and on-site personnel had no indication of an impending breach. The Mount Polley mine has been placed on care and maintenance, and business interruption and physical damage insurers have been notified. While the damaged area is relatively small compared with the overall size of the dam, it is not known at this time how long it will take to restore operations.
We are working closely with provincial ministries, local agencies and emergency response officials. Further updates will be provided as more information becomes available."