UPDATE: Revett Minerals Sets New Low, Now Down 24% On Delays At Troy Mine, Job Cuts

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Shares in Revett Minerals Inc. ( RVM ) crashed to a new 52-week low of $0.92, now down 23.5% at $0.94, and extending pre-market losses after the company said that due to an unexpected discovery of ground fall at its Troy Mine in northwest Montana, the company will immediately and significantly reduce its workforce.

CEO John Shanahan said the realization that the recommencement of underground mining operations would not resume by the end of Q2 as planned and has forced the company to take difficult cost reduction measures.

Underground development work has continued since access to the Troy Mine was re-established earlier this year.



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This article appears in: Investing , Commodities

Referenced Stocks: RVM

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