Imperial Metals Corporation reports that 2023 metal production from its Mount Polley near Williams Lake was 30.145 million pounds of copper and 41,834 ounces of gold. The mine achieved the low end of its target of 30–33 million pounds for copper production and exceeded the high end of its target of 35-40 thousand ounces for gold production.
During the fourth quarter 1,567,491 tonnes of ore were treated (up 44.6 per cent compared to Q4 2022), this increase is
partially due to improved plant availability of 88.3 per cent (up 22 per cent from Q4 2022). During the quarter 8.348 million pounds copper (up 120.5 per cent from Q4 2022) and 10,349 ounces gold (up 48.0 per cent from Q4 2022) were produced.
With the damaged third ball mill returned to service in October, the November mill throughput averaged 19,609
tonnes per day, and from December 20-30 mill throughput averaged 20,076 tonnes per day. With all the mills
operational the plant is nearing historic throughput highs and achieving better availability while maintaining strong
copper and gold recoveries.
Approximately two-thirds of the tailings stored in the Springer Pit had been removed by year end and the remaining tailings
are expected to be removed by the end of the first quarter 2024.
The 2024 production target for Mount Polley is 34–37 million pounds copper and 37-41 thousand ounces gold.
Red Chris Update
Newmont completed the acquisition of Newcrest Mining Limited during the fourth quarter of 2023 and holds 70 per cent
interest in the Red Chris mine.
Newmont noted, in a presentation, that considerations for 2024 include “Taking time to assess and integrate the Newcrest assets; thoughtful approach to longer-term view.” Newmont has since taken over the block cave feasibility study with further details to be released by Imperial when the information is received from Newmont.
Newmont’s reserve and resource estimates are expected to be released along with Newmont’s 2023 year-end results. Being a U.S. listed issuer, the Newmont reserve and resource statement for Red Chris mine and will be reported in line with SEC reporting standards, not NI 43-101 standards.
During the quarter, diamond drill rigs continued to explore at Red Chris. Diamond drilling was focused in the East
Zone block cave area gathering geological and geotechnical information. Block Cave development continues with the second ventilation raise bore expected to be on schedule for completion within the first half of 2024. The ramp is now more than halfway to the extraction level elevation.