May 27, 2009 in Region

Troy Mine ends shutdown warnings

Missoulian
 

TROY, Mont. — With metals prices improving, management at Troy Mine has allowed warnings of a possible shutdown to expire.

John Shanahan, president and CEO of Revett Minerals, says things are improving for the company, which owns Troy Mine.

Last winter, company officials informed 185 workers at Troy Mine that silver and copper mine could close by mid-February due to low metals prices, rising costs and debt.

Miners took a 10 percent pay cut and management took a 20 percent cut, Revett cut spending at Troy, restructured debt and increased ore production.

Now, Shanahan says Revett plans to keep the mine open for the rest of the year and they’re planning for next year.

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Information from: , http://www.missoulian.com


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