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Revett Minerals Inc. (NYSE:RVM,AMEX:RVM,TSX:RVM) announced 2012 production results, including a drop in both copper and silver.
Revett Minerals Inc. (NYSE:RVM,AMEX:RVM,TSX:RVM) announced 2012 production results, including a drop in both copper and silver.
As quoted in the press release:
Troy Mine Fourth Quarter and Full Year 2012 Operating Summary: For the full year of 2012, net cash from operations was $18.7 million compared to $28.2 million for 2011. Net cash from operations for the fourth quarter ended December 31, 2012 was $0.2 million. Mill throughput for the full year of 2012 averaged 3,588 tpd compared to 3,957 tpd for the full year of 2011. Fourth quarter 2012 throughput was 204,969 tons processed, averaging 3,203 tpd for the period. Silver production for the full year of 2012 was 1,112,089 ounces compared to 1,291,010 ounces for the full year of 2011. Fourth quarter 2012 silver production totaled 161,133 ounces averaging throughput grades of 0.94 oz/ton. Copper production for the full year of 2012 was 7,555,215 pounds compared to 10,651,494 pounds for the full year of 2011. Fourth quarter 2012 copper production totaled 1,007,982 pounds averaging throughput grades of 0.32%.
Revett’s President and CEO, John Shanahan, said:
We remain committed to being the safest and best mining operation that we can be and continue to be confident that we will return to full operations soon. Despite the challenges near year-end, the correct operating decisions were made with safety and the longevity of the Troy Mine in mind. The Troy Mine remains our bridge to Rock Creek and we remain focused on realizing our objective to becoming a major US based producer of silver and copper.
To view the whole press release, click here.