Imperial tables production targets for two B.C. mines
Imperial Metals Corp. (III-TSX) has released production targets for the Mount Polley and Red Chris mines in British Columbia. The company said Red Chris met its production guidance in 2024 by producing 85.3 million pounds of copper and 59,811 ounces of gold on a 100% basis. That was up from 57 million pounds of copper and 46,046 ounces of gold in 2023. The company attributed the increase to higher grades and recoveries for both metals.
Imperial is a Vancouver-based exploration, development and operating company with a portfolio of B.C. mines that includes Mount Polley (100%), the Huckleberry mine (100%), and the Red Chris mine 30%. Newmont Corp. [NGT-TSX, NEM-NYSE] holds a 70% stake in the Red Chris mine, which is located 80 kilometres south of Dease Lake in northwest B.C.
Imperial’s 30% of Red Chris mine production for 2024 was 25.6 million pounds of copper, up from 17.1 million pounds in 2023, and 17,943 ounces of gold, up from 13,814 ounces last year.
Imperial said the Red Chris feasibility study is advancing as are permitted activities and some underground development work to support the underground block cave project.
This year, Newmont is guiding investors to anticipate Red Chris mine production of 88 million pounds of copper and 86,000 ounces of gold on a 100% basis.
Both copper and gold production is expected to be higher in 2025 at Red Chris as the mining sequence provides for mining higher-grade ore during the year, including a 50% in gold production year over 2024 results.
Imperial Metals shares edged up 0.82% or $0.02 to $2.46. The shares trade in a 52-week range of $2.73 and $1.70.
Imperial recently released an update on exploration and production activity at its Mount Polley mine. The company said the mine reached its 2024 production targets by producing 35.7 million pounds of copper and 39,108 ounces of gold last year.
That compares to targets of between 34 million and 37 million pounds of copper and 37,000 to 41,000 ounces of gold production.
Mount Polley is an open pit copper/gold mine located in south-central B.C., 56 kilometres northeast of Williams Lake. The 2025 production target for Mount Polley is 25 million to 27 million pounds of copper and 35,000 to 40,000 ounces of gold. The production target for gold is the same as in 2024, while the copper production target is lower. Phase 4 Springer Pit ore, which has a higher recoverable copper grade, is targeted to be fully mined by the third quarter of 2025, with the lower copper grade from the Phase 5 pushback in the Springer pit delivering process ore in the fourth quarter of 2025.