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Imperial Metals Has Hit More Than Just A Bump In The Road
- Mount Polley mine suspended after tailings pond dam failure.
- Suspension comes at in-opportune time with Red Chris development nearing commissioning.
- Liquidity might be an issue going forward.
Tue, Aug. 26, 2:29 PM
- Imperial Metals (OTCPK:IPMLF) says it plans to start up operations at its new Red Chris copper and gold mine once a power line is completed in September.
- There have been concerns in the market that Imperial could be forced to delay the Red Chris start-up as it deals with the clean-up of the spill at its Mount Polley mine, which also is in British Columbia.
- Imperial also says the Tahltan First Nation will help it review Red Chris' tailings dam to make sure its design, engineering, construction and operations meet world-class standards.
Mon, Aug. 18, 6:07 PM
- British Columbia's government says it is ordering an independent review of all tailings ponds at every permitted mine in the province following the major spill at Imperial Metals' (OTCPK:IPMLF) Mount Polley mine.
- The minister of energy and mines also says an independent panel would investigate the tailings dam breach, which sent billions of gallons of mine waste into waterways in central B.C.
- Teck Resources (NYSE:TCK) has several operating mines in B.C., with Thompson Creek Metals (NYSE:TC) and Taseko Mines (NYSEMKT:TGB) also operating in the province.
Fri, Aug. 15, 3:23 PM
- Imperial Metals (OTCPK:IPMLF +15.6%), the company behind last week's major spill of mine waste in western Canada, is raising C$100M in debt to cover cleanup costs and finish building its newest mine.
- The tailings dam burst at Imperial's Mount Polley copper and gold mine in British Columbia, an accident analysts say could cost anywhere between C$50M and C$500M to clean up.
- Whatever the costs, Imperial says it believes they can be managed over time, given the underlying value of the company's assets and by the resources provided by the additional financing.
Tue, Aug. 5, 4:49 PM
- Imperial Metals (OTCPK:IPMLF) plunged 40% in Toronto trading today after a tailings pond at the company’s Mount Polley copper and gold mine in central British Columbia broke open, sending ~5M cubic meters of copper and gold mining wastewater into waterways near Likely, B.C.
- A BMO analyst pegged the cost to the company at $200M, with potential damages in the same order of magnitude; Mount Polley accounted for ~16% in the firm’s $1.6B net present value for IPMLF and contributes ~83% to estimated 2014 EPS of $0.43.
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