IMPERIAL METALS $9.07 (Toronto symbol III; TSINetwork Rating: Speculative) (604-669-8959; www.imperialmetals.com; Shares outstanding: 74.9 million; Market cap: $715.9 million; No dividends paid) is down almost 42% since a dam broke at a tailings pond at its Mount Polley mine in B.C. The breach spilled wastewater and fine sand into nearby waterways.
The extent of the damage to local lakes and rivers is unknown at this point, but estimates of the total liability for the cleanup are in the range of $225 million. Imperial has just issued $100 million in convertible debentures to help pay these costs.
Meanwhile, Mount Polley will likely be shut down for at least one to two years, perhaps indefinitely. The mine is the company’s biggest producing asset and the main contributor to its cash flow. Imperial will now likely report cash flow of $0.40 a share in 2014, down from an estimated $1.05.
The breach may also delay the start-up of the company’s new Red Chris copper/gold mine in B.C. until mid-2015. But after that, Red Chris could give Imperial cash flow per share of $1.50 a year, even if Mount Polley closes permanently.
Imperial Metals is still a hold, but only for aggressive investors.
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