RED FLAGS are flying
Today Imperial Metals announced it would be laying off 80 of its pit operations employees at Mount Polley mine in a series of layoffs commencing immediately, with the goal of suspending mining operations by June of this year. In addition it is further reducing its workforce by terminating 39 employees who were working under contract. The company plans on milling very low grade stockpile material that was previously not processed due to low grade / high oxide / low recovery. This will be done with a small workforce until December. I guess as investor I am very concerned for a number of reasons: With copper at 5 yr high prices and gold over 1300$...... Run the junk and stop mining?! Pardon?! There must be a very very serious cash problem to make a mining company stop mining when the sun is shining and its time to make hay. Or even more concerning..... Management that is not thinking clearly. Am I missing something?