Business
Revett Minerals Reports Third Quarter 2009 Results
Revett Minerals Reports Third Quarter 2009 Results
About this update from Red Lake Gold Inc
[{"type":"text","content":"\n\n\n\nNov. 16, 2009 (Canada NewsWire Group) -- SPOKANE VALLEY, WA, Nov. 16 /CNW Telbec/ -- Revett Minerals Inc., Spokane Valley, Washington (\"TSX-RVM\") (\"Revett\" or the \"Company\") announces its consolidated operating and financial results for the Company's three & nine months ended September 30, 2009. Currency is reported in United States dollars unless otherwise indicated.Major Highlights for three & nine months ended September 30, 2009 include:- Successfully restructured debt and payment obligations withTrafigura, Royal Gold and Small Mines Development;- Improved productivity and reduced consumables at Troy resulted in a 19%reduction of direct operating costs per ton milled compared to thethird quarter of 2008;- Produced 879,449 ounces of silver and 6.7 million pounds of copper atthe Troy Mine during the first nine months of 2009 compared to 793,998ounces of silver and 7.1 million pounds of copper during the sameperiod in 2008.Consolidated Results--------------------During the third quarter of 2009 the Company was able to reduce direct operating costs by 19% over the same period in 2008. Several factors contributed to this reduction: (1) reduced labor costs due principally to a 5% payroll reduction at the Troy Mine; (2) successful employee efforts that focused on reducing the consumption of items such as fuel, explosives and milling reagents; and (3) lower acquisition costs of those consumables.Concentrate deliveries and sales during the third quarter of 2009 consisted 1.9 million pounds of payable copper and 250,982 ounces of payable silver for the three months ended September 30, 2009, compared to 2.5 million pounds of copper and 302,239 ounces of silver during the third quarter of 2008.Despite a reduction in operating costs, the Company reported a net loss of $1.4 million or $0.01 per share on revenue of $7.3 million for the three months ended September 30, 2009, compared to a net loss of $3.0 million or $0.04 per share on revenue of $7.4 million for the three months ended September 30, 2008. During the three months ended September 30, 2009, LME copper prices averaged $2.66 per pound and LME silver averaged $14.70 per ounce compared to $3.48 per pound for copper and $15.03 per ounce for silver during the same period in 2008 resulting in a reduction in revenues of approximately $1.6 million. However revenues for the ...