March was a large month in insider buys for Revett Minerals (
). With share prices near a three-year low, Chairman Timothy
Lindsey made six different buys into the company and CEO John
Shanahan added a few shares as well.
Most notably Chairman Lindsey added a total of 182,100 shares to
his stake in the month of March. The shares went for an average
price of $2.20, and Lindsey spent a total of $394,343. The
chairman has consistently added shares as the price goes down,
but recently the price has just continued to go down. Lindsey now
holds on to 693,170 shares of Revett stock.
Timothy Lindsey is a director as well as the chairman of the
board of Revett Minerals. From March 2005 to the present Lindsey
has served as a principal of Lindsey Energy and Natural
Resources, an independent consulting firm specializing in energy
and mining industry issues.
Revett Minerals is a silver-copper producer that owns and
operates the Troy Mine and the pre-development stage Rock Creek
Project. The Rock Creek Project contains an inferred resource
estimate of 300 million ounces of silver and 2.5 billion pounds
of copper. These properties are both located in Northwestern
The company's total revenue decreased by 16% to $59.2 million
from $70 million in 2011. The net income was $4.1 million or
$0.12 per share compared to $13.5 million and $0.35 per share in
2011. The most significant events affecting operations at the
Troy Mine in 2012 was limited access to the main producing areas
in the first quarter due to unusually high spring runoff, and the
suspension of mining activities late in the fourth quarter
because of unstable and unsafe ground conditions.
The company has reported that its Rock Creek Project will be
ready to begin producing by the middle of 2013.
According to the
of Revett Minerals, the company's revenue has been in a decline
for the past five years.
52 Week Low
52 Week High:
holds 260,521 shares of Revett, and
owns 43,800 shares of the company.
With its shares down 2.41%, Revett Minerals trades at $2.02.
For more information on insider trading at the company look at
the Revett Minerals Insider Trading History page.About GuruFocus:
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