Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Imperial Metals has published its fourth quarter and year-end numbers for its operations. For the full year, the company produced 75.3 million lb. of copper and 79,056 oz. of gold.
At the Red Chris copper-gold mine 80 km south of Dease Lake, Q4 production was 15.6 million lb. of copper (up 15% from Q3) and 12,366 oz. of gold (up 41% from Q3). Mill throughput for 2018 averaged 29,228 t/d and annual production was 60.4 million lb. of copper and 41,935 oz. of gold. Those numbers represent 97% of revised targets. This year the mine is to produce between 72 million and 76 million lb. of copper and 36,000 to 38,000 oz. of gold.
Fourth quarter production at Mount Polley was 3.18 million lb. of copper (up 22% from Q3) and 7,983 oz. of gold (up 3%). Mill throughput for the full year was 16,975 t/d and annual output was 15.0 million lb. of copper and 37,120 oz. of gold.
Imperial has suspended mining at Mount Polley due to low copper prices, but the mill will continue treating stockpiled material until the end of May 2019. After that time, the operation will be put on care and maintenance.
This story first appeared in Canadian Mining Journal.
