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Revenue decreased across the company’s two mines due to less copper concentrate sold at one, and a strike at the other.
Imperial Metals (TSX:III) has reported its financial results for the three and six months ended June 30, 2018 and compared to 2017.
Revenues decreased 24.9 percent year on year, to C$80.1 million from C$106.7 million.
As quoted in the press release:
Revenue from the Red Chris mine in the June 2018 quarter was C$57.3 million compared to C$62.3 million in the 2017 comparative quarter. This decrease was attributable to a lower quantity of copper concentrate sold partially offset by higher copper prices.
Revenue from the Mount Polley mine in the June 2018 quarter was C$22.8 million compared to C$44.1 million in the 2017 comparative quarter. The strike by unionized employees that commenced in May 2018 resulted in lower production and restricted the ability of the company to record revenue during the June 2018 quarter.
Click here to read the full Imperial Metals (TSX:III) press release.
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