NEW YORK Revett Minerals
Inc. is lowering its production outlook for the fourth quarter
of 2012 due to difficult operating conditions at its Troy Mine
in northwestern Montana, the company announced Monday.
Copper production will drop to
an estimated 3,500 tons per day in December due to poor ground
conditions at the mine and an electrical power outage, the
company said. Thats down from an average of 3,788 tons
per day during the third quarter of 2012.
"Rather than wait and put
production numbers out in the middle of January, we felt we
should let the market know that were struggling a bit in
the fourth quarter," Revett president and chief executive
officer John Shanahan told AMM.
The company has pegged
year-to-date copper production through Nov. 30 at 7.55 million
pounds, and now forecasts 8 million to 8.5 million pounds by
the end of 2012. Revetts third-quarter sales totaled
"The last thing we want to be
doing is not being transparent with the investors in the
capital market or not being a good operator and pushing the
limit when we shouldnt be," Shanahan said of the
companys decision to release a revised forecast.
Although the Troy copper-silver
mine is the Spokane Valley, Wash.-based companys only
operational mine, Revett is in the early stages of developing a
second mine in Rock Creek, Mont., and seeks to have
environmental permits issued next year.
Next year "is such a critical
year for us on Rock Creek," Shanahan said. "The big picture is
getting to Rock Creek. Troy just keeps us going. ... Troy is
our bridge to Rock Creek."