UPDATE: Revett Minerals Shares Slump 20% On Delays At Troy Mine, Job Cuts

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Shares in Revett Minerals Inc. ( RVM ) have tumbled 20% to $0.980 after opening bell, extending pre-market losses, after it said given an unexpected discovery of ground fall at its Troy Mine in northwest Montana, the company has announced an immediate and significant reduction in the 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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