Imperial Metals Selling 70% Stake in Mine

CBJ — In need of acquiring working capital and paying off debt, Imperial Metals has signed a deal to sell a 70% stake in its Red Chris copper and gold mine in B.C. to Australia’s Newcrest Mining. The price is believed to be in the neighbourhood of nearly $1.1 billion in Canadian.

Imperial Metals will retain control of the remaining 30% ownership at Red Chris. A joint venture will be set up to operate the mine with Newcrest taking the lead.

The final sale is still subject to regulatory approvals. If it’s given the green light, the transaction should be completed in the third quarter of this year.