Revett Minerals Inc. Issues WARN Notice to Employees at Troy Mineadmin
Revett Minerals Inc. announced that it has given employees at its 69% indirectly owned Troy Mine, located in northwest Montana, 60 day notice under the Worker Adjustment and Retraining Notification (WARN) Act that operations may be placed on care and maintenance if metal prices remain at currently depressed levels. Currently, the Company plans to continue operations until early February 2009, and continue thereafter as long as operations remain profitable. The notice was given to approximately 180 employees of which 160-170 would be impacted by a transition from production to care and maintenance.
Mr. John Shanahan, Interim President and CEO, stated “The Company is extremely disappointed in having to take such action given that the mine is currently operating at the best production levels it has experienced since commercial operations resumed in 2005. However, the prices for copper and silver continue to deteriorate making production in this environment uneconomic. We continue to believe in the future at Troy given its existing reserve base and our expectation that copper and silver prices will return to higher levels. Fortunately, the company has fully funded all reclamation obligations and management is working diligently with our employees, suppliers and customers to see our way through these difficult times.