Metals

Imperial Metals speeds up work to reopen Mount Polley copper mine

CBCIE Time:May 10, 2022 10:02 Source:mining

Imperial Metals (TSX: III) is aiming to reopen its Mount Polley copper-gold mine in British Columbia, Canada, before the end of June, buoyed by high prices for the metal and a looming deficit.

Work to reopen the mine began late last year, with hundreds of former and new employees focused on removing water from the pit, pre-stripping waste rock to expose ore bodies and preparing the processing mill for a restart.

Since then, the company has stockpiled about 4.5 million tonnes of ore for milling, which it plans to get under way this quarter.

Mount Polley was first shut down in 2014, after a massive tailings pond collapse. Imperial Metals had to rebuild the mine’s tailings and spent more than C$70 million ($55m) in environmental rehabilitation focused mainly on restoring Hazeltine Creek, which flows into Quesnel Lake.

Operations resumed two years later, around the time the company had to place another of its BC-based copper mines — Huckleberry — into care and maintenance.

Mount Polley was shut down again in 2019 due to a slump in copper prices that placed the metal below $3 per pound, the figure the company needed at the time to make a profit.

In its first quarter results report, Imperial Metals said that once Mount Polley is up and running again, work will shift toward bring Huckleberry back online

Restart of Mount Polley has come at price tag of C$2 million ($1.55m) as of the end of March, which increased the net loss by $22.4 million, the company said.

Imperial Metals owns 30% of the Red Chris copper mine in BC, which has been its only source of revenue since 2019.

Key Words:

All articles, pictures, reports and other original works on the website that are attributed to CBCIE are non-public information, only for members. No one may reproduce or otherwise use the original content of this website without our permission. If you need to use it, please call 15634987720 to apply for authorisation. CBCIE reserves the right to pursue any infringement and citation contrary to the original intent.

Disclaimer:CBCIE is committed to building a comprehensive and authoritative metal information platform, and strives to provide a full range of data and information services and decision-making support for metal industry researchers and practitioners. However, the information on this website is for reference only and is not intended as direct advice for investors' decision-making. Any investment, purchase, sale or operation based on the information on this website should be at your own risk and is not related to CBCIE.

news

Contact us

Contact us for more CBC information and services.

Get in touch
close