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Imperial gains on first shipments of copper from Red Chris mine

Last updated: 09:04 03 Mar 2015 EST, First published: 10:04 03 Mar 2015 EST

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Imperial Metals (TSE:III) climbed on Tuesday after the company said its Red Chris mine trucked its first shipments of copper concentrate to the Port of Stewart in British Columbia, after announcing first production less than two weeks ago.

During the second week of start-up, the mill feed grade was increased, Imperial said, using ores from both the East and the Main zones. The plant milled about 15,500 tonnes during its first full 12-hour operating shift.

Imperial's team is focused on achieving continuous operations and a more consistent final grade, after which it will move its focus to metal recoveries and throughput, it said.

During February, the Red Chris mill processed just over 193,000 tonnes, producing about 2,400 tonnes of copper concentrate.

Aside from Red Chris, which is expected to bolster the company's cash flow significantly, Vancouver, B.C.-based Imperial operates the Mount Polley copper/gold mine in British Columbia, where a tailings pond breach last August released an estimated five million cubic metres of sludge into local waterways.

It also operates the Sterling gold mine in Nevada and has a 50 percent interest in the Huckleberry copper mine and a 50 percent stake in the Ruddock Creek lead/zinc property, both in British Columbia. 

Shares advanced almost 7 percent to C$13.26 on Tuesday, extending year-to-date gains to more than 30 percent.

 

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