Imperial Metals Jumps After Ottawa Pledges C$500m for Red Chris Expansion

Dow Jones07-03

Imperial Metals shares rose Friday after the Canadian government committed 500 million Canadian dollars ($352.5 million) to support development of the Red Chris Block Cave project, an expansion of the Red Chris mine.

Shares rose 6% to C$7.46.

The funding, announced as part of the new Canada-British Columbia Cooperative Prosperity Agreement, gives the Red Chris joint venture a clearer path to construction of a long-life copper-gold block cave.

According to the federal government, the investment is expected to support a 15% boost to copper production, respond to critical minerals demand for clean energy and manufacturing, and reduce the mine's greenhouse gas emissions by over 70% once operational.

Newmont, the JV partner, is currently completing a definitive feasibility study for the project, which is expected to extend the Red Chris's mine life by about 14 years.

"It represents a significant opportunity to create long-term value for Imperial's shareholders, strengthen critical mineral supply chains, and deliver long-term benefits," the Vancouver-based miner said late Thursday.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

July 03, 2026 10:18 ET (14:18 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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