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Revett Mining Company, Inc. (DE Message Board

  • landoncz landoncz May 7, 2013 10:20 AM Flag

    Another Day, Another $67,000 Burned

    No hurry guys, we can wait while you burn through cash sitting idle at $2,000,000 / mo...

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    • with 7% headcount reduction, it's probably less than that now

      • 1 Reply to dbtunr
      • Do they have any insurance to cover even a part of the fixed expenses? Do they have any kind of contingency plan for a mine closing that lasts over a six month timeframe? Don't they have layoffs in Montana in which the unemployment insurance kicks in? Do they have any inventory they can sell? Do they have any other means of bringing in revenues when their only mine is closed? How is the government helping the firm avoid financial hemorrhaging from losses that might cripple the company and ultimately force massive layoffs? What about the permit on the Rock Creek mine? Is there no way to expedite the opening of the second mine? What are the 200 plus employees doing anyway, sitting around doing nothing? I know that there is work to do to secure the safety of the mine but how many employees does that take? And how many employees are expected to show their loyalty to the company by quitting just as soon as the mine reopens because they have no intention of staying for work that appears to them to be unsafe after having taken a wages for several months draining the treasury of the company? I favor taking care of labor but I think it should never be at the expense of destroying all the jobs that a business could otherwise offer had it not gone out of business ultimately. I am not sure I like it as a shareholder when the CEO jokes about how clean the mine site is.

        It could possibly be that $2 million a month as a burn rate is much worse than it really is. They don't have that many millions to toss away. They still need a bit for future investment into the firm.

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