IMPERIAL METALS $14.41 (Toronto symbol III; TSINetwork Rating: Speculative) (604-669-8959; www.imperialmetals.com; Shares outstanding: 74.9 million; Market cap: $1.1 billion; No dividends paid) is a Vancouver-based firm that produces and explores for base and precious metals.
Imperial’s producing assets include two B.C. mines: 100%-owned Mount Polley (copper and gold) and 50% of Huckleberry (copper and molybdenum). Japan’s Mitsubishi Materials holds 31.1% of Huckleberry, and Furukawa Co., Dowa Holdings and Marubeni Corp. own 6.3% each.
Imperial restarted Mount Polley in 2005 and continues to explore around the deposit to increase the mine’s reserves and lengthen its life. The company expects Mount Polley to produce until mid-2023.
In the three months ended December 31, 2013, Imperial’s revenue fell 24.9%, to $44.0 million from $58.5 million a year earlier. Cash flow per share declined 17.9%, to $0.23 from $0.28. Lower copper and gold prices pushed down results.
Meanwhile, the company continues to develop its Red Chris copper/gold property in northwestern B.C. and aims to start up an open pit mine at the site later this year. Red Chris holds as much as 9 billion pounds of copper and 13.8 million ounces of gold.
The stock trades at 10.7 times this year’s forecast cash flow of $1.35 a share. Imperial’s cash flow could jump as high as $3.27 a share in 2015 if it successfully brings Red Chris into full operation. The stock trades at 4.4 times that estimate.
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