New mine on tap for Imperial

Article Excerpt

IMPERIAL METALS $22.45 (Toronto symbol III; TSINetwork Rating: Speculative) (604-669-8959; www.imperialmetals.com; Shares outstanding: 37.5 million; Market cap: $800.5 million) owns the Mount Polley copper/gold mine and the Huckleberry copper/molybdenum mine, both in B.C. The company’s cash flow per share rose 30.4% in the three months ended June 30, 2011, to $0.30 from $0.23. Higher gold and copper prices were the main reason for the gains. Imperial aims to use the cash flow from its existing mines to build a $228-million open-pit mine on its Red Chris copper/gold property in northwestern B.C. The company bought Red Chris in 2007. Imperial Metals is a hold. hold…