UPDATE 1-Imperial Metals Sees Shipment Delays Post Force Majeure-Shanghai Metals Market

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UPDATE 1-Imperial Metals Sees Shipment Delays Post Force Majeure

Industry News 10:09:27AM Mar 22, 2011 Source:SMM

March 21 (Reuters) - Imperial Metals Corp said some shipments from its copper mine may be delayed after three Japanese companies declared force majeure on shipments following damages to ports at a smelter after the earthquake in the Asian country.

The Vancouver-based company said the force majeure declared by Mitsubishi , Furukawa and Dowa for the Onahama smelter had no immediate impact on shipments from its Huckleberry mine, which has a life-of-mine contract with the companies.

While it was not clear how disruptive the force majeure would be, the company said according to "best estimates," some shipments could be delayed, but that all planned shipments for the year would be made.

The base and precious metals miner holds a 50 percent interest in Huckleberry Mines Ltd, owner of the mine, which is an open pit copper/molybdenum mine located in British Columbia.

The acceptance of a shipment currently at sea and the shipment scheduled at the end of the month have been confirmed for the Naoshima smelter, the company said in a statement.

The company said its quarterly copper production rose 5 percent sequentially to 15.1 million pounds, but expects a 11 percent fall in copper production to 51.5 million pounds for 2011.

Quarterly gold production fell about 10 percent, while silver production rose nearly 21 percent.

The Vancouver-based Imperial Metals shares closed at C$20.05 on Monday on the Toronto Stock Exchange.
 


 

UPDATE 1-Imperial Metals Sees Shipment Delays Post Force Majeure

Industry News 10:09:27AM Mar 22, 2011 Source:SMM

March 21 (Reuters) - Imperial Metals Corp said some shipments from its copper mine may be delayed after three Japanese companies declared force majeure on shipments following damages to ports at a smelter after the earthquake in the Asian country.

The Vancouver-based company said the force majeure declared by Mitsubishi , Furukawa and Dowa for the Onahama smelter had no immediate impact on shipments from its Huckleberry mine, which has a life-of-mine contract with the companies.

While it was not clear how disruptive the force majeure would be, the company said according to "best estimates," some shipments could be delayed, but that all planned shipments for the year would be made.

The base and precious metals miner holds a 50 percent interest in Huckleberry Mines Ltd, owner of the mine, which is an open pit copper/molybdenum mine located in British Columbia.

The acceptance of a shipment currently at sea and the shipment scheduled at the end of the month have been confirmed for the Naoshima smelter, the company said in a statement.

The company said its quarterly copper production rose 5 percent sequentially to 15.1 million pounds, but expects a 11 percent fall in copper production to 51.5 million pounds for 2011.

Quarterly gold production fell about 10 percent, while silver production rose nearly 21 percent.

The Vancouver-based Imperial Metals shares closed at C$20.05 on Monday on the Toronto Stock Exchange.