What happens if Imperial Metals goes bankrupt?
Imperial Metals, the owner of the Mount Polley and Red Chris copper-gold mines in British Columbia, is “totally on the brink” of bankruptcy according to a mining accounting expert.
“They’re not even close to making money,” Thomas Schneider, an expert on financial reporting of environmental liabilities and assistant professor of accounting at Ryerson University, told The Narwhal. “It’s just a matter of ‘can this company make enough cash flow.’ And they’re just coming off a strike.”
“This company is on the brink,” he added. “There’s no two ways about it.”
Imperial’s share price was at press time $1.33, down from over $18 per share in early 2014.
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