British Columbia-focused miner Imperial Metals has reported a net loss of $36.56-million in the June quarter, compared with a profit of $99.54-million in the prior-year quarter, as the company was knocked by a two-month strike at the Mount Polley mine and revenue from the Red Chris mine was also lower.
Imperial’s revenue decreased by 24.9% to $80.1-million in the second quarter, from $106.7-million in the comparative quarter. Revenue from the Red Chris mine fell to $57.3-million, from $62.3-million, owing to a lower quantity of copper concentrate sold. Revenue from Mount Polley amounted to $22.8-million, compared with $44.1-million, as the strike by unionised employees resulted in lower production.
The strike started in May and ended in July.
Imperial stated that the net loss was the result of a loss from mine operations, increased interest expenses, a foreign exchange loss and higher idle mine costs.
Cash flow was negative $2.6-million in the June 2018 quarter, compared to positive cash flow of $12.3-million in the 2017 comparative quarter.
Adjusted earnings before interest, taxes, depreciation and amortisation in the June 2018 quarter was a loss of $2.2-million compared with income of $12.9-million in the 2017 comparative quarter.