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Imperial Metals Corp. (TSX:III) announced that operations at its Huckleberry mine will be suspended after stockpiles there have been milled.
Imperial Metals Corp. (TSX:III) announced that operations at its Huckleberry mine will be suspended after stockpiles there have been milled. Milling should be complete around August 2016, and at that time the mine will be placed on care and maintenance until the copper price gets better.
As quoted in the press release:
The continuing low copper price has forced HML to make this difficult decision despite HML and its employees having made significant strides in reducing operating costs at the Mine. HML will continue to investigate ways to maintain operations, including consideration of the plan announced today by Minister of Energy and Mines Bill Bennett that will allow mining companies to temporarily defer a portion of their hydro bills.
HML owns and operates the Mine. Imperial owns a 50% interest in HML, and the remaining 50% interest is owned by the Japan Group, comprised of Mitsubishi Materials Corporation, Dowa Mining Co. Ltd. and Furukawa Co.
Click here to read the full Imperial Metals Corp. (TSX:III) press release.