Suffering from poor commodity prices,
Operating income in the recent quarter totalled $927,000 on revenue of $28.6 million, compared with a loss of $1.9 million on $4.1 million in the corresponding period last year. The increase reflects the recent startup of the Mount Polly mine and the acquisition of the Huckleberry mine earlier in the year. Both operations are in British Columbia.
Foreign exchange losses amounted to $2 million in the second quarter and $3.3 million for the year to date.
Capital expenditures during the third quarter worked out to $3.3 million, compared with $6.5 million a year ago. The decrease was mainly caused by construction costs at Mount Polley.
As of Sept. 30, Imperial had repaid $4 million of its long-term debt.
Meanwhile, at Imperial’s 60%-owned Huckleberry mine, 123 km southwest of Houston, third-quarter production amounted to 1.8 million tonnes. The average head grade was 0.612% for copper and 0.018% for molybdenum. Copper recovery was pegged at 89.4%; moly, at 28.2%.
The mine, in which a consortium of Japanese companies holds a 30% interest, produced 39,043 tonnes of concentrate grading 25.39% copper and 49.06% moly.
Imperial holds a 55% interest in the Mount Polley mine, near Williams Lake, with the remainder held by Sumitomo of Japan.
The operation milled 1.7 million tonnes during the third quarter, with an average millhead grade of 0.344% copper and 0.71 gram gold. Copper recovery is pegged at 48.9%; gold, at 67.8%
The mine produced 9,857 tonnes of concentrate grading 28.51% copper and 81.5 grams gold during the period.
At Imperial’s wholly owned Silvertip property, 80 km west of Watson Lake, B.C., a geophysical program is attempting to identify massive sulphide targets beyond the limits of the known resource.
The property has a resource of 2.6 million tonnes grading 6.4% lead, 8.8% zinc, 325 grams silver and 0.63 gram gold.
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