Revett Minerals (RVM.TO, NYSEMKT:RVM) announced their financial results for 2012. Net income per share was $0.12 for the full year, but the net cash from operations was a very healthy $18.7M. This is obviously lower than the $0.36 and $28.7M in 2011, but let’s not forget the company experienced difficulties in Q2 and Q4 which resulted in a temporary suspension of production at the Troy Mine in Montana.
Revett’s working capital position increased to $28.7M at the end of December 2012, and after talking to the management team at PDAC, we are confident the treasury will still contain in excess of $15M when the Troy Mine reopens within the next few weeks.
The company also issued an update on Rock Creek, stating the US Forest Service is completing a Supplemental Environmental Impact Statement, which should be ready by mid-2013. This SEIS will – together with the Biological Opinion – be the basis of the Record of Decision which will be the start sign for Revett to start underground exploration at Rock Creek to convert the 200M+ ounces of silver and 2.5Blbs of copper into a NI43-compliant resource estimate.
Disclosure: Revett Minerals Inc. is a sponsoring company. We have written put options and hold shares. We habe visited Revett Minerals on a site visit of which our costs were reimbursed. Please see our disclaimer for current positions.
