Imperial Metals has inked a deal sell a majority stake in the Red Chris copper and and gold mine near Iskut.
The agreement will see Australia’s Newcrest Mining pay $806.5 million for a 70 percent share.
Imperial, which will hold a 30 percent stake, will form a joint venutre for mine operations with Newcrest acting as the operator.
Imperial says it plans to use the proceeds from the sale to repay debt and for working capital.
The sale, which is subject to regulatory approvals, is expected to be completed in the third quarter of this year.
In addition to Red Chris, Imperial owns the Mount Polley and Huckleberry mines in B.C.
