IMPERIAL METALS $11.27 (Toronto symbol III; TSINetwork Rating: Speculative) (604-669-8959; www.imperialmetals.com; Shares outstanding: 74.4 million; Market cap: $838.5 million) is a Vancouver-based mining firm that produces and explores for base and precious metals. Its 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 owns 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 known deposit to increase the mine’s reserves and lengthen its life. Right now, Imperial expects Mount Polley to produce until mid- 2023.
The company is also developing its Red Chris copper/ gold property in northwestern B.C, where it could start up an open-pit mine as early as late 2014. The property holds as much as 9 billion pounds of copper and 13.8 million ounces of gold.
The stock trades at 9.9 times this year’s forecast cash flow of $1.14 a share. The company should keep reporting steady cash flow, but its growth prospects are limited until the Red Chris mine starts up.
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