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  Comments (0) Total Wednesday Apr. 23, 2014
 
Revett ‘Cautiously Optimistic’ About Troy Mine
Miners return underground, no date for resuming production
Revett Minerals, Inc. CEO John Shanahan was “cautiously optimistic” this week as miners and officials were able to return to deeper sections of the Troy Mine. The copper and silver mine south of Troy has been closed since December when a series of rockslides occurred in abandoned parts of the mine.

A week ago, Shanahan said it could be months before production resumes at the Lincoln County mine and layoffs were a possible. More than 200 people are employed at the site.

“We’ve been happy with what we’ve seen so far and we’re doing everything we can to avoid layoffs,” he said Thursday.

The Troy Mine first opened in 1981 and operated until 1993. Revett reopened the mine in 2005. Late last year, production was slowed when rain and freezing temperatures led to unstable ground conditions. On Dec. 1, all underground activities were suspended. Since then, Revett has been working with Mine Safety and Health Administration to inspect site.

On Tuesday, Jan. 22, Revett announced that miners were able to reenter the mine and see damage from the rock falls. According to a company press release, the rock falls late last year did not damage any mining equipment.. However, some sections of the underground haulage routes have been blocked.

Shanahan stressed it is difficult to predict when normal production could resume until inspectors get a clearer picture.

“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,” Shanahan stated in the release.

Revett also announced its final production and profit numbers for the year. In 2012, the company brought in $18.7 million in net cash, down nearly $10 million from what it made in 2011. Silver production for 2012 was 1,112,089 ounces, compared to 1,291,010 ounces in 2011. And copper production was 7,555,215 pounds compared to 10,651,494 pounds the previous year.
 
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