Canada-based Imperial Metals produced 22.5mn lb (10,205mt) of copper in the first quarter (Q1) 2020, up from 13.10mn lb produced in the prior-year quarter. The company’s copper recovery improved to 83.9pc from 73.84pc in the prior year quarter. Imperial Metals has two drilling programs underway at the company’s Red Chris mine in British Columbia.
Mining operations were carried out at Red Chris mine in March and April as they were declared essential service during the lockdown. The company has however taken into consideration that COVID-19 could still have an impact on their 2020 business and plans and could be adversely affected as a result of COVID-19 pandemic. If the spread of the virus continues, the company might have to temporarily close operations at Red Chris mine. An economic slowdown would decrease the demand for copper, affecting prices and in turn impacting the company’s supply chains.
Imperial Metals’ total sales stood at $27.96mn in Q1, higher than $13.8mn reported in the previous year quarter. Net loss has however widened to $6.2mn in the quarter from $2.33mn in Q1 2019.