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Our history dates back to December 1959 when Imperial Metals & Power Ltd. was incorporated in British Columbia. Over the past six decades, Imperial has undergone several transitions to become the Company we are today. In 1995 Imperial merged with Bethlehem Resources Corporation, in 2002 the Company completed a corporate reorganization and divested its oil and gas assets with a renewed focus on base metals, and in 2007 the Company acquired the Red Chris project.
In March 2019 Imperial embarked on a major new transition with an agreement to sell a 70% interest in the Red Chris asset to Newcrest Mining Limited. On August 15, 2019, the Company and Newcrest announced completion of the transaction, and that they have formed a joint venture for the operation of the Red Chris mine. Newcrest will be operator of the mine, and Imperial retains a 30% joint venture interest.
Brian Kynoch, Imperial President:
“We are pleased to have the Red Chris mine move to this next chapter, and to have completed this transaction with Newcrest. The sale of a 70% interest in Red Chris to Newcrest will allow Imperial to significantly strengthen its balance sheet, while continuing to hold a 30% interest in a joint venture that will leverage Newcrest’s unique technical expertise in block caving operations. We look forward to working alongside Newcrest with this new venture as well as the resumption of exploration activities at Red Chris. As a result of this transaction, Imperial will be in a much better position to create value and opportunities for its shareholders and stakeholders.”
Sandeep Biswas, Newcrest Managing Director and CEO:
“We are delighted to have closed the Red Chris transaction and add this operating mine to our existing low cost, long-life portfolio. We are pleased with the highly constructive and collaborative relationship we are developing with the Tahltan Nation and the Government of British Columbia and look forward to working together as we execute our forward work plan to unlock the significant potential from Red Chris. We are excited to establish a strong presence in British Columbia, Canada, a quality mining jurisdiction in a country with roots in mining, much like Australia.”