Imperial Metals to Receive C$500 Million from Canadian Government for Red Chris Project

Imperial Metals (III.TO) is set to receive C$500 million from the federal government of Canada to support the Red Chris Block Cave copper-gold project, the company said Thursday. The commitment is in connection with the Canada-British Columbia Co-operative Prosperity Agreement and is expected to advance the project toward a final investment decision. Imperial Metals' joint venture partner Newmont is working on a definitive feasibility study for the project. The project is expected to extend the life of the Red Chris mine in British Columbia by about 14 years.