Uncertainty continues at
Imperial Metals Corp. (
TSX: T.III,
Stock Forum), even after the company secured a temporary court injunction this week against a group of blockaders that are preventing the company from bringing fuel and equipment to its Red Chris gold-copper mine in northwestern British Columbia.
Although the British Columbia court decision was handed down on October 8, 2014, it cannot be enforced by the RCMP until October 14, 2014.
According to a court order obtained by Stockhouse, any decision on whether the injunction becomes permanent depends on the outcome of another hearing that will take place in Terrace, B.C.
The defendants named in the suit include Rhoda Quock, a member of the Tahltan Central Council, who heads a group called the Klabona Keepers. Also named is Kanahus Manuel, a member of the Secwepemc First Nation, which resides in B.C.’s Shuswap region.
Imperial Metals spokesman Steve Robertson said the hearing has been moved to Terrace to give the defendants named in the dispute additional time to prepare and present further arguments for keeping the blockade in place.
The Tahltan Central Council said moving the next court appearance to Terrace would make it easier for people to attend.
The blockade is a reflection of concerns that stem from a tailings dam breach at Imperial Metals’ Mount Polley mine in central B.C., which failed last month, releasing millions of cubic metres of waste water and silt into several lakes and rivers.
The spill raised concerns about the potential impact on humans and the environment, placing the company and the entire mining industry under increased scruntiny.
Several days after the spill, the Tahltan elders established a blockade at the Red Chris site, which is expected to open by the end of this year.
Meanwhile, Imperial Metals was scheduled to host a community meeting in Likely, B.C. on October 9, 2014 to give local residents an update on ongoing environmental monitoring in the vicinity of the tailings site.
Under a pollution abatement order issued by the B.C. Environment Ministry on August 5, 2014, a comprehensive environmental impact assessment of the impacts associated with the tailings spill is currently being carried out.
The community meeting will be attended by officials from both the Federal and provincial governments, including officials from the Federal Department of Fisheries and Oceans.
Robertson said the company is unable to say what caused the breach to occur.
Meanwhile, the Tahltan released its own update on the Red Chris situation, saying that no agreements will be made with [Imperial Metals subsidiary] Red Chris Development Company Ltd. until Tahltan people have a chance to vote on the matter.
In recent reports, analysts said Red Chris is a considerably larger mine than Mount Polley, and is therefore much more important to the company’s future.
However, the tailings spill at Mount Polley, combined with a First Nations Blockade at Red Chris is raising concerns about how quickly production will get underway at Red Chris, analysts said.
Imperial shares rose 0.49% to $8.16 Thursday, leaving a market cap of $611.7 million, based on 75 million shares outstanding. The 52-week range is $18.63 and $7.92.