In the same category

Revett Minerals

Published : August 13th, 2007

Reports Strong Operating and Financial Results for the Three and Six Months Ended Ju

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Copper | Fixed | Recovery | Silver |

Revett Minerals Reports Strong Operating and Financial Results for the Three and Six Months Ended June 30, 2007.

August 13, 2007 Revett Minerals Inc., Spokane Valley, Washington (TSX-RVM) ("Revett" or the "Company") is pleased to report on its improving operating and financial performance for the three months and six months ended June 30, 2007. All currency in this report is in United States dollars unless otherwise indicated

The major highlights for the quarter ending June 30, 2007, included:

  • The Troy Mine (100% basis) reported net income before taxes of $11.2 million for the six months ended June 30, 2007 and $8.2 million for the second quarter. Revett Minerals has a 67% interest in the Troy Mine through its ownership of Revett Silver Company which owns 100% of Troy;
  • The Troy Mine (100% basis) generated $4.3 million cash during the six months ended June 30, 2007 and $5.3 million cash during the second quarter of 2007;
  • Revett Minerals reported consolidated net income after taxes and non controlling interests of $4.0 million or $0.06 per share for the six months ended June 30, 2007 and $3.7 million or $0.05 per share for the three months ended June 30, 2007;
  • Payable metals sales in the second quarter were 3.6 million pounds of copper and 375,602 ounces of silver during the second quarter compared to 2.4 million pounds of copper and 301,276 ounces of silver during the first quarter of 2007; and
  • Year to date metal sales are 6.0 million pounds of payable copper and 676,878 ounces of payable silver compared to total metal sales of 6.46 million pounds of copper and 817,250 ounces of silver for the full twelve months of 2006.

Mr. Orchow, President and CEO, of the Company in commenting on the second quarter said "This quarter's performance is by far and way the best financial and operating results that we have reported as a company since our inception. We are very pleased with the production improvements and cost control activities at Troy. The production enhancement programs implemented last year are achieving meaningful increases in mill throughput which has the added benefit of reducing our production costs on a metal produced basis. The management and staff at Troy are to be complemented for the efforts that they have made in improving the operations at the mine". In addition, Mr. Orchow added "we remain deeply saddened by the fatality at Troy which occurred on July 30 and our thoughts and prayers remain with the family and friends of Mr. Ivins."

CONSOLIDATED RESULTS

For the second quarter of 2007, Revett Miner als Inc. reported a net profit of $3.72 million or $0.05 per share on record revenue of $15.9 million.  The year to date net profit is $4.03 million or $0.06 per share on revenue of $26.6 million. This compared to net income of $2.28 million or $0.04 per share during the second quarter of 2006 on revenue of $11.5 million and a six month net income of $2.3 million or $0.04 per share on revenue of $18.9 million for the six months ended June 30, 2006.  Sales revenue was $10.7 million for the first quarter of 2007.

Concentrate deliveries and sales during the second quarter of 2007 totaled 3.6 million pounds of payable copper and 375,602 ounces of payable silver compared to 2.4 million pounds of copper and 301,276 ounces of silver and 1.7 million pounds of copper and 225,071 ounces of silver for the first quarter of 2007 and the second quarter of 2006, respectively.

During the second quarter of 2007 cost of sales was $8.8 million compared to $6.3 million in the second quarter of 2006 and $7.6 million in the first quarter of 2007. Operating costs were higher reflecting increased maintenance costs, higher employee safety and production bonus payments, higher material and supply costs and higher property and mining costs. Depreciation and amortization in this current quarter was $0.4 million compared to $0.3 million in the second quarter of 2006 and $0.4 million in the first quarter of 2007. The Company uses the units-of-production method to depreciate the majority of Troy's plant and equipment and therefore changes in throughput and ore reserves will result in corresponding adjustments to these expense items. The reclamation and closure accretion expense was $0.2 million in the second quarter of 2007 compared to $0.01 million in the second quarter of 2006 and $0.2 million in the first quarter of this year.

Exploration and development costs totaled $0.6 mill ion in the second quarter of 2007 and have totaled $1.1 million year to date compared to $0.3 million in the second quarter of 2006 and $0.6 million for the first six months of 2006. These costs have increased because of the continuation of the Troy Complex exploration program announced earlier this year. General and Administration costs were $1.0 million in the second quarter of 2007, essentially the same as the first quarter of 2007 and compared to $0.7 million in the second quarter of 2006 The main factor affecting the general and administration costs on a quarter over quarter basis are changes in employees' stock option compensation expense. Finally interest income and foreign exchange gains, net of interest expense totaled $1.0 million in the second quarter of 2007 compared to net interest expense of 0.1 million during the second quarter of 2006.

As a result net income before non controlling interest and taxes was $5.8 million for the second quarter of 2007 and $6.9 million year to date compared to $3.7 million for the second quarter of 2006 and $3.9 million for the first six months of 2006. During the second quarter of 2007 net income was $3.7 million or $0.05 per share bringing the year to date net income to $4.0 million or $0.06 per share and in 2006 the second quarter net income was $2.3 million or $0.04 per share and for the first six months net income was $2.3 million or $0.04 per share.

At June 30, 2007, the Company's cash and cash equivalents and short term investments, which consists of cash invested in fixed income securities, totaled $27.6 million compared to $22.4 million as at March 31, 2007. The increase in cash was a primarily a result of the strong financial performance of the Troy Mine.

THE TROY MINE

The table below illustrates certain key operating statistics for Troy (100% basis) for the three months ended June 30, 2007, with a comparison to the previous quarter and also for the three months ended June 30, 2006.

 

Three Months Ended
June 30, 2007

Three Months Ended

June 30, 2006

Three Months Ended

March 31, 2007

Tons milled

337,712

228,275

350,180

Tons milled per day

3,711

2,509

3,891

Operating cost per ton milled (USD)

22.04

 

25.72

21.77

Copper grade (pct)

0.59

0.49

0.54

Silver grade (opt)

1.24

1.18

1.15

Copper recovery (pct)

87.1

84.7

87.1

Silver recovery (pct)

88.5

88.6

88.9

Copper produced (lbs)

3,490,930

1,902,023

3,302,352

Silver produced (ozs)

372,332

237,767

359,134

The maintenance of mill throughput levels close to those of the first quarter 2007, but substantially better than mill throughput levels attained in the second quarter of 2006, along with the sustained high level of copper and silver mill recoveries and combined with the recovery in copper and silver prices are the two most significant factors affecting the Company's second quarter operating and financial results. Also during the second quarter, Troy has continued with its "Troy Complex" exploration program. Encouraging preliminary results were released on July 10, 2007. The target of this program is to test the potential for deeper mineralization below the existing mine workings, known as the "I-beds" and to follow up on the known mineralization on the JF claims, about 1.5 miles  south of the Troy ore body.

ABOUT REVETT

Revett Minerals, through its subsidiaries, has a 67% interest in Revett Silver Company which in turn has a 100% interest in both the Rock Creek Project and the Troy Mine, both of which are located in northwest Montana. Based on the drilling to date, Rock Creek contains an estimated inferred resource of 137 million tons grading 1.67 ounces silver per ton and 0.72% copper, containing approximately 229 million ounces of silver and over 2 billion pounds of copper using a cut off grade of US $10.00 per ton. Further information on both the Troy Mine and the Rock Creek Project may be found in the National Instrument 43-101 reports at www.sedar.com. These reports were prepared on behalf of the Company by Mr. Jean-Francois Couture, P.Geo.  and   Mr. Ken Reipas, P.Eng. of SRK Consulting (Canada). Both Mr. Couture and Mr. Reipas are Qualified Persons in accordance with National Instrument 43-101. All of these issues are discussed in greater detail in the Company's official filings at www.sedar.com. 

THIS PRESS RELEASE CONTAINS FINANCIAL STATEMENTS.  CLICK HERE TO VIEW ORIGINAL PDF VERSION OF THIS RELEASE.


William Orchow
President  & CEO

For more information, please contact:

Scott Brunsdon, CFO or Doug Ward, VP Corporate Development at (509) 921-2294 or visit our website at www.revettminerals.com.

Renmark Financial Communications Inc.
Jason Roy : jroy@renmarkfinancial.com
Maurice Dagenais : mdagenais@renmarkfinancial.com 
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com

Except for the statements of historical fact contained herein, the information presented in this press release may contain "forward-looking statements" within the meaning of applicable Canadian securities legislation and The Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of silver and copper, the estimation of  mineral reserves and resources, the realization of mineral reserve estimates, the effect on the Company's operations of pending or planned legal challenges, the timing and amount of estimated future production, industrial accidents,   and costs of production, all involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Generally, these forward looking statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "is not expected", "budget", "plans", "schedule", "estimates", "forecasts", "intends", "anticipates", "or does not anticipate" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking statements are subject to known and known risks, uncertainties and other factors. Such other factors may include, among others, ground control problems and flooding, metallurgical recovery problems, ore grade or tonnage shortfalls, labor disruptions or shortages of skilled labor, risks relating to environmental laws and regulations, the actual results of exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future metal prices, changes in the quantity and costs of producing copper concentrate as well as those factors discussed in the section entitled "Risk Factors" in the annual information form filed on SEDAR at WWW.SEDAR.COM. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED OR INTENDED. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. ACCORDINGLY, READERS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS. REVETT MINERALS DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS THAT ARE INCORPORATED BY REFERENCE HEREIN, EXCEPT IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS.

Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Revett Minerals

PRODUCER
CODE : RVM.TO
ISIN : CA7615051066
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Revett is a silver and copper producing company based in United states of america.

Its main asset in production is TROY in USA and its main asset in development is ROCK CREEK in USA.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Corporate Presentations of Revett Minerals
9/17/2009Comprehensive Coverage of Financial Markets
Annual reports of Revett Minerals
Annual report 2006
Financials of Revett Minerals
5/12/2011Provides Q1 2011 Financial Results
3/23/2011Reports on 2010 Financial and Operating Results
8/13/2008Reports Operating and Financial Results for the Three and Si...
3/28/2008Reports on 2007 Financial and Operating Results
8/13/2007 Reports Strong Operating and Financial Results for the Thre...
5/11/2007Reports Operating and Financial Results for the Three Months...
Project news of Revett Minerals
1/24/2008(Troy)Updates Reserve Estimates at the Troy Mine.
12/14/2007(Rock Creek)Reports on Significant Rock Creek Permit Progress
7/10/2007Announces Discovery of New Mineralization at Troy
4/11/2007Reports on Troy's Operational Improvements
Corporate news of Revett Minerals
5/8/201510-Q for Revett Mining Co., Inc.
4/30/201510-K for Revett Mining Co., Inc.
3/30/2015Revett Mining Company Provides 2014 Financial Results
3/27/2015Revett Minerals Inc.: HECLA TO ACQUIRE REVETT IN $20 MILLION...
3/2/2015Revett Mining Provides Update on Rock Creek Permitting and T...
3/2/2015Revett Minerals Inc. : Revett Mining Provides Update on Rock...
3/2/2015Revett Mining Provides Update on Rock Creek Permitting and T...
1/20/2015IIROC Trade Resumption - RVM
1/20/2015Revett Places Troy Mine on Care & Maintenance
1/19/2015IIROC Trading Halt - RVM
11/10/2014Revett Reports Q3 2014 Financial Results and Provides Troy M...
10/1/2014Revett Resumes Underground Crushing Operations at Troy Mine
8/26/2014Revett Announces US $5 Million Loan Agreement
8/11/2014Revett Reports Q2 2014 Financial Results and provides Troy M...
7/1/2014Revett Provides Update on Troy Mine Development and Rock Cre...
6/20/2014Revett Mining Announces Results of Its 2014 Annual Meeting
5/12/2014Revett Reports Q1 2014 Financial Results and Provides Troy M...
3/27/2014Revett Mining Company Provides 2013 Financial Results
3/27/2014Revett Mining Company Provides 2013 Financial Results
3/26/2014Revett Completes Private Placement
5/26/2011Begins Trading on NYSE Amex Options
5/4/2011Approved for NYSE Amex Listing
2/25/2011Announces Analyst Coverage Initiated by Stonecap Securities
9/10/2008Announces New President & CEO
6/2/2008Commences Work at Rock Creek.
11/26/2007Acquires Rock Creek Mitigation Lands
11/20/2007Mr. Louis Gignac Appointed Director
8/15/2007Reports Resumption of Mining at Troy.
7/31/2007Minerals Reports on Mine Fatality
7/13/2007Reports on Troy's Continuing Production Improvements
6/1/2007Funds First Phase of Grizzly Recovery Program
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (RVM.TO)AMEX (RVM)
0.570+1.79%0.468+1.72%
TORONTO
CA$ 0.570
06/17 15:48 0.010
1.79%
Prev close Open
0.560 0.550
Low High
0.550 0.570
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.570 -%
Volume 1 month var.
8,500 -%
Produces Copper - Silver
Develops Copper - Silver
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 9/25/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.83+1.56%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.69+13.19%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+0.69%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.46+1.23%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.10+1.72%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.24-5.77%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.35+1.45%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.37+6.76%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 65.33+8.65%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :