Imperial Metals (TSX:III, Financial) owns 30% of Red Chris, all of Mt. Polley and Huckleberry, and more. Copper may be entering a new bull market with economies rebooting and green energy initiatives. Gold prices are up 50% from lows with increases in deficit spending by governments fighting Covid-19. Gold, like many tangible assets with limited supply, is a hedge against cheapening currencies. Majority owner and operator, Newcrest Mining, believes Red Chris is a world-class gold and copper resource and similar in composition to 100%-owned Cadia in Australia. The latest exploration results confirm one gold pod at Red Chris may be worth $2 billion at today’s prices.
From Bruce Berkowitz (Trades, Portfolio)'s Fairholme Fund (Trades, Portfolio) 2020 semiannual shareholder letter.
