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Imperial Metals Reports First Quarter 2020 Financial Results
VANCOUVER, British Columbia, May 12, 2020 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three mont
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, May 12, 2020 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three months ended March 31, 2020, 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 February 20, 2019 the Company initiated a process for the sale of the Red Chris mine and in accordance with IFRS, the Company classified Red Chris mine as a discontinued operation effective January 1, 2019 up until the closing of the transaction with Newcrest on August 14, 2019. Effective August 15, 2019 the results from the Red Chris Mine are presented on a proportionate basis relative to Imperial’s 30% ownership in the joint venture. Unless otherwise stated, this news release only compares the comparative quarter results from continuing operations and excludes discontinued operations even though the Red Chris mine is in both discontinued operations pre and post August 15, 2019. Total revenue from continuing operations increased to $28.0 million in the March 2020 quarter compared to $13.8 million in the 2019 comparative quarter, an increase of $14.2 million or 102.9%. The March 2019 amount only included revenue from the Mount Polley Mine as the revenues from the Red Chris mine was classified in discontinued operations. However, in the 2020 quarter, the Company included its portion of the 30% interest in the Red Chris mine. In March 2019, the revenue from discontinued operations was $62.9 million. In the March 2020 quarter, the Red Chris mine (100% basis) had 4.3 concentrate shipments (2019-2.6 concentrate shipments). 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$2.56 in the March 2020 quarter compared to US$2.82 in the 2019 comparative quarter. The London Metals Exchange cash settlement gold price per troy ounce averaged US$1,583 in the March 202...