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Overview

Imperial holds a 30% joint-venture interest in the Red Chris copper-gold mine in northwest British Columbia. Our partner, Newmont Corporation (70%) operates the mine. Acquired by Imperial in 2007, initial exploration at Red Chris demonstrated significant depth potential through deep drilling which confirmed continuity of higher-grade copper-gold mineralization in the deep East Zone, supporting the decision to develop an open-pit mine, which achieved commercial production in July 2015.

Engineering studies confirmed block-cave mining as the optimal method for extracting the deep East Zone resource. In August 2019, Imperial sold a 70% interest to Newcrest Red Chris Mining Limited (now part of Newmont Corporation), forming the current joint venture. Newmont assumed operatorship following its acquisition of Newcrest in November 2023.

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Block Cave Project

The Red Chris Joint Venture announced the results of a Pre-Feasibility Study (PFS) on the development of an underground block cave mine in October 2021. The study confirms the potential to develop a world class, low cost, long life mine. The PFS indicates the project has an estimated 17% IRR and CAD$2.3 billion NPV over an initial 31 year mine life at prices of US$3.30 per pound copper and US$1500 per troy ounce gold. Some key results from the PFS are noted below:

  • Production projected to average 80 thousand tonnes of copper and 316,000 ounces of gold per annum for the first 6 years of production
  • Impressive Block Cave Life-of-Mine All-In Sustaining Cost of negative US$144 per ounce of gold
  • Initial Mineral Reserve estimate of 8.1 million ounces gold and 2.2 million tonnes copper
  • Payback of 3.2 years
  • Further optimization suggested to assess opportunities proximate to the mining area, incl. East Ridge zone

The information presented here regarding the Block Cave Project is based on the Block Cave Pre-Feasibility Study (PFS). The Block Cave Project has progressed to the feasibility stage and mine operator Newmont is currently working through and updating the PFS based on current technical information.

The Red Chris Joint Venture permitting group continues to advance the required permitting approvals for the planned Block Cave mine, working collaboratively with both Tahltan and British Columbia governments. The Red Chris Block Cave feasibility study work is focused on permitting, capital cost estimate and schedule refinement. The Company is awaiting development of the schedule for the Block Cave Feasibility Study by Newmont.

In the interim, Block Cave pre-development continues with construction of a portal site for an exploration decline into the deep East Zone. The decline to access the extraction level is essentially completed and is waiting for a positive decision on Block Cave development. Development work has also been advancing on the conveyor declines. Decline construction included access for underground drilling stations to provide more detailed geological and geotechnical information on the initial block cave design, and for other exploration targets.

Red Chris Block Cave3 2026

The mine plan proposed in the PFS uses technology conventional to block cave operations, including mine design and equipment. The 2021 PFS envisages that the tonnage profile transitions from a predominantly open pit feed to an exclusively underground mill feed when the nameplate capacity of 13.6 Mt/a is scheduled to be reached.

For additional information, refer to the Company’s New Releases, Quarter and Annual Reports & Annual Information Form.