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Imperial Metals Corp (2)
Symbol III
Shares Issued 74,782,718
Close 2014-04-14 C$ 13.92
Market Cap C$ 1,040,975,435
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Imperial Metals sued by Red Chris contractor

2014-04-14 13:36 ET - Street Wire

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by Mike Caswell

A dispute over the excavation of earth, 519,000 cubic metres of it, has landed in the Supreme Court of British Columbia. Imperial Metals Corp. is facing a lawsuit from a contractor complaining about the company's handling of work at the Red Chris mine in Northern B.C. The contractor complains that it had to move far more earth than the project design called for, and that Imperial Metals owes it $3,270,333 for the extra work and for project delays.

The allegations are contained in a notice of claim originally filed in Prince Rupert on Jan. 17, 2014 (and moved to Vancouver on March 25, 2014) by Tahltan-Tercon LP. The dispute centres around work that Imperial Metals subsidiary Red Chris Development Company Ltd. submitted to tender on March 19, 2012, as part of its construction of the Red Chris mine. According to the suit, the tender appeared to call for 360,000 cubic metres of excavation and backfill. Tahltan-Tercon says it agreed to perform the work for $3.08-million.

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