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Imperial Metals Reports First Quarter 2019 Financial Results
VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three ende
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, May 14, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three ended March 31, 2019, as summarized in this release and discussed in detail in the Management’s Discussion & Analysis. The Company’s financial results are prepared in accordance with International Financial Reporting Standards. The reporting currency of the Company is the Canadian (“CDN”) Dollar. QUARTER HIGHLIGHTS FINANCIAL On March 10, 2019, the Company entered into an agreement to sell a 70% interest in the Red Chris mine to Newcrest. In accordance with IFRS, the Company has classified Red Chris mine as a discontinued operation effective January 1, 2019 and asset held for sale as at March 31, 2019, and the prior year comparative quarter consolidated statement of income has been restated accordingly. Unless otherwise stated this MD&A will report the total of continuing and discontinued operations as one total for ease of comparison with the prior comparative period. Total revenue decreased to $76.7 million in the March 2019 quarter compared to $117.9 million in the 2018 comparative quarter, a decrease of $41.2 million or 34.9%. Revenue from the Red Chris mine in the March 2019 quarter was $62.9 million compared to $81.9 million in the 2018 comparative quarter. This decrease was attributable to a lower quantity of copper concentrate sold along with lower copper prices and slightly higher gold prices partially offset by the positive revenue revaluation noted below. Revenue from the Mount Polley mine in the March 2019 quarter was $13.8 million compared to $36.0 million in the 2018 comparative quarter due to lower production which was partially offset by the positive revenue revaluation noted below. In the March 2019 quarter, there were 2.6 concentrate shipments from the Red Chris mine (2018-4.0 concentrate shipments) and 0.3 concentrate shipments from the Mount Polley mine (2018-1.0 concentrate shipment). Variations in revenue are impacted by the timing and quantity of concentrate shipments, metal prices and exchange rates, and period end revaluations of revenue attributed to concentrate shipments where copper and gold prices will settle at a future date. The London Metals Exchange cash settlement copper price per pound averaged US$2.82 in the March 2019 quarter...