Revett Minerals (RVM.TO; NYSEMKT:RVM) has released an update on their 2012 production guidance. As expected, the estimated silver production for this year has been revise downward to a production of between 1.2 and 1.25Moz of silver and 8-8.5M lbs of copper.
This lower guidance was caused by difficult ground conditions and a power outage in November. Revett expects to be milling 3,500tpd in December, which should result in a total Q4 production of approximately 270,000 ounces.
This revision was not unexpected as CEO John Shanahan was hinting at it during the Q3 conference call. The company will provide a production guidance for 2013 later this month, and we are expecting an output of 1.2Moz of silver at an average cash cost of around $12/oz.
We visited the company’s Troy Mine and Rock Creek Project and will release our site visit report later this week.
Disclosure: Revett Minerals Inc. is a sponsorong company. We visited their properties in Montana and all our travel costs were reimbursed by the company. Please see our disclaimer for current positions.
