Imperial Metals releases Q3 copper-gold production update
Imperial Metals Corp. (III-TSX) has released a third quarter gold and copper production update for its Mount Polley and Red Chris mines in British Columbia.
Imperial is a Vancouver-based exploration, development and operating company with a portfolio that includes the Mount Polley mine (100%), the Huckleberry mine (100%), and the Red Chris mine 30%. Huckleberry, located in B.C., has been on care and maintenance since operations ceased in August, 2016.
Together, Mount Polley and Red Chris produced 15.515 million pounds of copper and 13.5 million ounces of gold in the third quarter, with copper production up slightly from 15.501 million pounds in the second quarter. Gold production was down slightly from 13,768 ounces in the second quarter.
Metal production at Mount Polley for the third quarter was 9.822 million pounds of copper and 9,527 ounces of gold, compared to 9.281 million pounds of copper and 10,009 ounces of gold produced in the second quarter of 2024.
Copper production in the third quarter was up by 21.9%, compared to the same quarter in 2023, with copper grade, recovery and mill throughput all higher. However, gold production was lower at 9,527 ounces in the third quarter of 2024 compared to 11,321 ounces produced in the same quarter in 2023 due to lower grades and recovery partially offset by higher throughput.
Compared to the third quarter of 2023, mill throughput was up 8.6%, with 1.694 million tonnes being treated, compared to 1.560 million tonnes in the third quarter of 2023.
Red Chris (100% basis) metal production for the third quarter of 2024 was 18.9 million pounds of copper and 13,414 ounces of gold, compared to 20.731 million pounds of copper and 12,531 ounces of gold in the second quarter of 2024.
In the 2024 third quarter, Red Chris copper production was up 38% and gold production was up 33.5% compared to the third quarter of 2023. The rise in copper production was a result of a 45.7% increase in copper grade (0.50% vs 0.35%) and an 8.6% increase in recovery (85.6% vs 78.8%). The increase in production was a result of a 41.2% increase in gold grade (0.365 g/t vs 0.258 g/t) and an 8.5% increase in recovery (57.3% vs 52.8%).
Imperial shares were unchanged at $2.12. The shares are currently trading in a 52-week range of $2.73 and $1.79.
Newmont Corp. [NGT-TSX, NEM-NYSE] now holds a 70% stake in Red Chris.
Newmont acquired the Red Chris interest via its acquisition of Australian company Newcrest Mining Ltd. The acquisition was completed during the fourth quarter of 2023. Red Chris is located 80 kilometres south of Dease Lake in northwest B.C.
Mount Polley is an open pit copper/gold mine located in south-central British Columbia, 56 kilometres northeast of Williams Lake. The mine is 100%-owned by an Imperial subsidiary. The 2024 production target for Mount Polley is 30 to 33 million pounds of copper and 35,000 to 40,000 ounces of gold.