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Imperial Metals Corp (2)
Symbol III
Shares Issued 128,490,174
Close 2019-07-31 C$ 2.50
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Globe says Imperial Metals, others face call for bond

2019-08-01 09:22 ET - In the News

The Globe and Mail reports in its Wednesday edition that the B.C. First Nations Energy and Mining Council is calling on the province to close a policy gap that allows mining companies not to provide financial assurance to pay for the costs of a mine disaster. The Sun's Gordon Hoekstra writes that the call comes on the eve of the five-year anniversary of Imperial Metals' catastrophic Mount Polley mine dam spill in the Interior -- which has still not resulted in charges -- and as the council released a report it commissioned on reducing the risks of mining disasters in B.C. In 2014, the province ordered Imperial Metals to clean up the massive spill, which the company did, but the council's report notes that if a company went bankrupt, the public could be on the hook for costs. The report, authored by economist Jason Dion, recommends that B.C. introduce a tiered scheme of financial assurance, where mining companies would have to put up money, perhaps through a bond or third party insurance, to pay for the costs of a disaster, combined with assistance from the mining sector as a whole, possibly through a pooled fund. Other industries have adopted these measures, but there is no such requirement for potential mine disasters.

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