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Canada: Insurance may fall short of Imperial Metals' huge cleanup bill

August 12, 2014 - 6:00am


Canada's Imperial Metals Corp. is facing huge clean-up costs from the collapse of its mine waste dam at Mount Polley in British Columbia, The Vancouver Sun reported.

But, the company's $15 million Canadian ($13.7 million) property and business interruption insurance cover may fall short of the cleanup cost. Imperial Metals also has CAD 10 million in third-party liability coverage. A BMO Nesbitt Burns Inc. analysis has estimated the cost to the company at CAD 200 million, although legal damages could double that amount.

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