NEW YORK Revett Minerals Inc. saw revenues rise 16
percent year over year to $19.4 million in the third quarter
as the company sold a higher percentage of material from
inventory despite lower production.
Third-quarter copper production decreased nearly 28 percent
in the three months ended Sept. 30 compared with the third
quarter of 2011 to 2.36 million pounds.
Copper sales by volume also fell back in the quarter, but not
to the same degree, as the company sold more material from its
existing stockpiles, chief executive officer John Shanahan told
. In the third quarter, copper sales totaled nearly
2.3 million payable pounds, down about 12 percent from 2.6
million pounds in the year-ago quarter.
Last year, the companys inventory sales were hindered
due to rail car shortages in Mexico during hurricane season,
resulting in comparatively higher revenues this quarter,
The third quarter of 2011 was probably our best
production quarter ever. (But) at the end of 2011, there was
a shortage of rail cars and we werent able to ship a
lot of product. We didnt quite have the revenues
because we werent able to sell, he said of the
The Spokane Valley, Wash.-based miners net income
increased to $4.4 million from $2.9 million in the same
quarter last year.
Meanwhile, Revett is moving forward with permitting at its
Rock Creek copper-silver project in Sanders County, Mont.,
the company said. The Montana Supreme Court ruled on Oct. 29
that the company must obtain an individual discharge permit
to mine at Rock Creek, which the company said it expects will
be issued and effective by mid-2013.
Shanahan said production at the Rock Creek Mine will likely
begin in 2019.