VANCOUVER – Imperial Metals Corp. posted an adjusted net loss of $9.37 million on revenues of $1.73 million for Q2 2015, compared to revenues of $51.07 million and a net income of $8.90 million for the same period in 2014.
The disappointing results are due partly to the loss of income from the Mount Polley copper mine where a tailings spill occurred a year ago near Williams Lake, BC. Results were also impacted by a price of copper that has fallen almost a dollar a pound from last year.
Imperial's chief source of income was its 50% share of the Huckleberry copper-molybdenum mine southwest of Houston, BC. Cash costs per pound of copper produced at that mine were US$2.20 in Q2 2015, compared to US$2.06 in the same period a year earlier. For comparison, the cost of producing copper at Mount Polley in Q2 2014 was US$1.00 per lb.
The Red Chris copper-gold mine south of Dease Lake, BC, is not yet in commercial operation.
Additional financial details are available at ImperialMetals.com.
I am picking Imperial Metals to be one of the companies to emerge stronger for the next upswing.