NEW YORK Revett Minerals Inc. fell short of its first-quarter production target at its Troy copper-silver mine in Montana due to equipment availability and lower ore grades, the company said in an operations report released Monday.
"Production for the first quarter (of) 2012 was approximately 8 percent below our previously announced guidance of 4,000 tons per day primarily due to availability and retrofitting of equipment as we move towards higher biofuel usage and meeting revised diesel particulate matter emission standards," the Spokane Valley, Wash.-based company said.
Lower-than-anticipated copper grades also contributed to lower production, according to Revett.
Still, mill throughput of 3,684 tons per day in the first quarter was up 12.4 percent from 3,277 tons per day in the same period last year. Copper production climbed 12.5 percent to 2.25 millions pounds from 2 million pounds a year earlier, and silver output jumped 32.4 percent to 324,375 ounces from 245,068 ounces.
Revetts net cash from operations for the first quarter before capital expenditures rose to $7.5 million from $3.2 million a year earlier.