Imperial Metals raises $50M

Imperial Metals (TSX: III; US-OTC: IPMLF) may still be nursing a black eye from the August tailings dam failure at its Mount Polley mine, but the Vancouver-based company says it’s pleased with its clean-up efforts so far, and that it is also advancing its Red Chris project with the help of a new $50 million secured credit facility.

With the additional financing, made public after markets closed on Jan. 19, the company says it has mitigated any issues with ongoing liquidity based on the timelines for operations at its advanced stage copper-gold project near Prince George, BC.

“Red Chris is going to be the new crown jewel of Imperial Metals – it’s our entry into the big leagues,” Steve Robertson, the company’s VP of corporate affairs, said in an interview.

Commercial production at the 30,000-t/d open pit operation remains on track to start in March or April, and the total capital cost is still expected to come in at about $643 million. 

Read the complete article at NorthernMiner.com/news/imperial-metals