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Imperial Metals Reports Second Quarter 2019 Financial Results
VANCOUVER, British Columbia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and
About this update from Imperial Metals Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Imperial Metals Corporation (the “Company”) (TSX:III) reports financial results for the three and six months ended June 30, 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 June 30, 2019, and the prior year comparative quarter consolidated statement of income (loss) has been restated accordingly. Total revenue increased to $83.6 million in the June 2019 quarter compared to $80.1 million in the 2018 comparative quarter, an increase of $3.5 million or 4.4%. Revenue from the Red Chris mine in the June 2019 quarter was $61.9 million compared to $57.3 million in the 2018 comparative quarter. This increase was attributable to a higher quantity of copper concentrate sold along with slightly higher gold prices partially offset by lower copper prices and a negative revenue revaluation. Revenue from the Mount Polley mine in the June 2019 quarter was $21.7 million compared to $22.8 million in the 2018 comparative quarter. The decrease was attributable to lower sales volumes and metal prices. In the June 2019 quarter there were 3.1 concentrate shipments from the Red Chris mine (2018-2.6 concentrate shipments) and 0.7 concentrate shipments from the Mount Polley mine (2018-0.7 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$2.77 in the June 2019 quarter compared to US$3.12 in the 2018 comparative quarter. The London Metals Exchange cash settlement gold price per troy ounce averaged US$1,310 in the June 2019 quarter compared to US$1,...