The sign at the entrance to the Rec Chris mine in British Columbia. (Image: Imperial Metals)
BRITISH COLUMBIA – Imperial Metals of Vancouver is creating a joint venture for the Red Chris copper-gold project with Australian miner Newcrest Mining. The project is located 80 km south of Dease Lake.
Newcrest has agreed to pay US$806.5 million in cash for a 70% interest in the mine and mill. Imperial will retain a 30% interest, and Newcrest will be the operator.
Imperial’s portfolio of projects will now includes a 100% interest in the Mount Polley copper mine (suspended), a 100% interest in the Huckleberry copper mine (suspended) and the 30% interest in Red Chris.
In 2018, Red Chris produced 60.4 million lb. of copper and 41,935 oz of gold. Newcrest says it has identified a clear path to turn Red Chris into a Tier 1 operation. The Red Chris geology is similar to its Cadia orebodies in Australia.
Find more information about Red Chris at www.ImperialMetals.com.