Imperial Metals (TSX: III) has estimated cleanup costs related to the early August tailings dam failure at its Mount Polley mine at $67.4 million –significantly less than many analysts had been expecting.
The company revealed in its third quarter results that it had spent $20.3 million on the initial response to the tailings spill at the copper-gold mine, located 100 km northeast of Williams Lake, BC, with another $47.1 million recorded for expected rehabilitation and restoration costs, primarily over the next nine months.
“That’s our estimate for the total cost,” said Brian Kynoch, Imperial’s president, on a conference call. “Of course, there could always be another provision … We’re not finished. We haven’t made all the arrangements for how we’re going to complete the rehabilitation of the creek, but that is our best estimate.”
A tailings dam breach on Aug. 4 at Mount Polley sent millions of cubic metres of tailings into the Quesnel Lake watershed. Production at the mine has been suspended ever since.
Read the complete article at NorthernMiner.com/news/imperial