Imperial Metals chalks a loss for 2014

Imperial Metals Corp. March 31 reported a net loss of C$37.3 million (C50 cents per share) for the year ended Dec. 31, 2014, compared with net income of $41 million (C55 cents per share) in 2013.

This C$68.3 million swing is due to lower metal production and $67.4 million in remediation costs related to failure of the tailings dam Aug. 4 at the Mount Polley Mine in central British Columbia.

Since the incident, the company's efforts at Mount Polley have been focused largely on rehabilitation and restoration of the breach and surrounding affected areas.

As part of the rehabilitation of lower Hazeltine Creek, two sediment ponds were commissioned in the fourth quarter, resulting in a significant reduction in the turbidity of the water entering into Quesnel Lake.

Rehabilitation and restoration work is now focusing on the upper reaches of Hazeltine Creek, and its outlet from Polley Lake.

The company said repairs to the tailings dam aimed at providing sufficient storage of anticipated spring runoff at the mine are nearly complete.

Mount Polley's staff is working with the province and local First Nation communities to develop a plan to re-open the mine.

In the restart plan, mining would begin in the Cariboo pit with tailings deposited into the Springer pit.

Production in 2015 is dependent upon receiving regulatory permission to restart operations.

Imperial Metals' Red Chris gold-copper mine in northwestern B.C. is operating and has shipped its first concentrate to the Port of Stewart. Plant commissioning is ongoing, and operating crews are focused on achieving continuous operations and producing acceptable concentrate grades.

As progress is made in these areas, emphasis will move to achieving design metal recoveries and throughput.

Red Chris and the Tahltan community leaders are in the final stages of completing an impact and benefits agreement.