< strong>IMPERIAL METALS $14.25 (Toronto symbol III; TSINetwork Rating: Speculative) (604-669-8959; www.imperialmetals.com; Shares outstanding: 74.5 million; Market cap: $1.1 billion) is a Vancouver-based firm that produces and explores for base and precious metals.
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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.
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Imperial restarted Mount Polley in 2005. It 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.
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In the three months ended September 30, 2013, Imperial’s revenue jumped 74.1%, to $51.7 million from $29.7 million a year earlier. Cash flow per share more than doubled, to $0.38 from $0.15. Higher copper production and lower operating costs pushed up results.
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The company is also developing its Red Chris copper/ gold property in northwestern B.C. and could start up an open-pit mine at the site as soon as late 2014. Red Chris holds as much as 9 billion pounds of copper and 13.8 million ounces of gold.
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The stock trades at 13.6 times next year’s forecast cash flow of $1.05 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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Imperial Metals is still a hold.
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