HELENA, Mont. (AP) — The Revett Mining Co. has announced it is closing a copper and silver mine in northwestern Montana due to low metals prices and laying off just over 70 employees.
Spokane Valley-based Revett announced Monday that it would end development work, continue milling operations through the end of January and then place the mine on "care and maintenance" mode.
Revett CEO John Shanahan says the orderly shutdown would ensure the mine could be reopened should copper and silver prices increase.
The Flathead Beacon reports about 80 people work at the mine. Shanahan says and only a half dozen will be needed to maintain the site.
The mine closed in late 2012 due to underground rockslides. Since its mid-November reopening, the mine has produced just over 27,000 ounces of silver and 159,000 pounds of copper.