Vancouver's Imperial Metals (TSX:III), operator of three producing mines and the proponent behind the highly anticipated Red Chris copper-gold project in northwest British Columbia, had a good third quarter.
Revenue, income and production increased for the company compared with the third quarter of 2012.
Revenue in Q3 was $51,668,000, an increase of 74% from $29,682,000 in Q3 2012.
Income more than doubled to $25,194,000 from $11,144,000. Net income was $14,721,000, up from $4,343,000.
Production at Imperial Metals' Mount Polley Mine, a copper gold mine located near Williams Lake, was strong in Q3. Copper production jumped to 11,021,476 pounds from 8,593,838 last year. Silver production also increased to 33,253 ounces from 30,592 last year. Gold production at Mount Polley, however, dropped to 13,231 ounces in Q3, compared with 13,869 ounces last year.
The increase in copper production, according to an Imperial Metals press release, was the result of a higher grade of copper being recovered.
At Huckleberry Mine, located south of Smithers, copper production increased to 10,472,302 pounds in Q3 from 8,436,000 last year. Silver production rose to 61,323 ounces from 45,958 ounces last year while gold production increased to 701 ounces from 617 ounces. Imperial Metals owns 50% of Huckleberry.
Increased copper production at Huckleberry, as it was at Mount Polley, was attributed to higher-grade copper being recovered.
Imperial Metals also engaged in exploration work at Huckleberry in Q3. More exploration work is planned for the fourth quarter of 2013.
Imperial's Sterling Mine, a gold mine located in Nevada, reached commercial production in March 2013, after the mine was restarted in July 2012. Nearly 3,000 ounces of gold was shipped from Sterling in Q3, while 3,810 ounces are in-process and poured.
Construction at Red Chris, a copper-gold mine located near the village of Iskut, continued in Q3. More than half of the tree clearing and construction of access roads for the powerline extension from the Northwest Transmission Line to the mine site is complete. Commissioning at Red Chris is expected to begin in May 2014.
