Imperial Metals Investors Are Counting on Another Billionaire Rescue
- Edwards, Berkowitz’s Fairholme are biggest investors in miner
- Company faces Oct. 13 deadline for new financing plan
Dump trucks operate in an open pit at the Oyu Tolgoi copper-gold mine, jointly owned by Rio Tinto Group's Turquoise Hill Resources Ltd. unit and state-owned Erdenes Oyu Tolgoi LLC, in Khanbogd, the South Gobi desert, Mongolia, on Saturday, July 23, 2016. Mongolia exported 817,000 tons of copper concentrate in the first half of the year compared with 663,800 tons a year earlier, an increase of 23.1 percent.
Photographer: Taylor Weidman/BloombergHas billionaire Murray Edwards stepped in to prop up a troubled Canadian copper miner once more?
That’s what investors and analysts are wondering after Imperial Metals Corp. won a second reprieve on its loans until Oct. 13 while bankers review a new financial rescue plan. Edwards, the company’s largest shareholder who has been involved since 1994, has previously helped bail out Imperial Metals by injecting capital, making a loan and guaranteeing a credit line.