Revett to shutter Troy Mine

Revett Mining Company Inc. announced yesterday its plans to place Troy Mine on care and maintenance status, immediately ending development work and closing milling operations by the end of January. Full shutdown is expected by the end of February.

"It's a tough one, it really is. It's not easy on anybody. It really hurts," said Revett president and chief executive officer John Shanahan.

Shanahan cited the precipitous drop in copper prices as the impetus behind the shutdown. "We based our plans on a copper price of about $3.00 per pound," Shanahan said. Copper prices as of Jan. 19 had dropped to $2.57 per pound, the lowest price point in more than five years.

The mine currently employs 85 people, but expected to bring the workforce back to between 170 and 175 by mid-2015. With the shutdown, Revett anticipates leaving six to eight employees in the care and maintenance operation.

This is a developing story and more will be updated as more information becomes available.