Freeport-McMoRan Reinstating Cash Dividend
The board of directors at Freeport-McMoRan Inc. (NYSE: FCX)has reinstated a cash dividend on its common stock, the company says. The boardintends to declare a quarterly dividend of 5 cents per share, with the next oneto be paid on May 1. “Our board’s action to reinstate common-stock dividends reflectsstrong execution of our plan to strengthen FCX’s financial position over thelast two years, improved market conditions and a positive outlook for strongcash-flow generation,”says Richard C. Adkerson, president and chief executive officer. Freeport has 1.45billion common shares. The company is the world’s largest publicly tradedcopper-mining company but is also a significant producer of gold.
By Allen Sykoraof Kitco News; asykora@kitco.com
Hecla ReportsRecord Silver, Gold, Lead Reserves
Wednesday February 07, 2018 09:00
HeclaMining Co. (NYSE: HL)lists the highest silver, gold and leadreserves in its 127-year history, as well as the highest zinc reserves in fiveyears. Officialsreport record gold reserves of 2.3 million ounces, an increase of 12%, and recordsilver reserves of 177 million ounces, an increase of 3%. Recordlead reserves are 737,290 tons, an increase of 8%. Zincreserves totaled 840,870 tons, up 15%. Thecompany maintained the same price assumptions for reserves as in 2016:silver, $14.50 an ounce; gold, $1,200 an ounce; zinc, $1.05 a pound; and lead, 90 cents a pound. Exploration in 2018 isprojected to be between $30 million and $37 million, up from$23.5 million in 2017. “We believe that our investment in exploration is a key steptowards generating real value for shareholders,” says PhillipsS. Baker, Jr., president and chief executive officer. “As we grow our reservesand increase our already long mine lives, we can improve productivity byincreasing throughput or lowering costs so the mines can generate returnsregardless of the metals price.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Coeur ReportsIncrease In Reserves, Resources
Wednesday February 07, 2018 09:00
Coeur Mining, Inc.(NYSE: CDE)reports a rise in year-end 2017 reserves and resources from continuingoperations. Proven and probable reserves of 335.8 million silver-equivalentounces are 10% higher, driven primarily by year-over-yearsilver-equivalent reserve increases of 36% at Wharf and 17% at Palmarejo.Measured and indicated resources of approximately 385.7 millionsilver-equivalent ounces and inferred resources of 171 million representincreases of 42% and 45%, respectively. Coeur says the figures assume silverand gold prices of $17.50 and $1,250 per ounce, respectively, unchanged fromthe assumptions used for year-end 2016 and 2015 reserves. “Over the last 18 months, we have invested heavily in near-mineexploration, which we believe offers the best risk-weighted returns tostockholders. Our mines have been historically under-drilled, yet presentsignificant exploration potential as evidenced by the number of new discoveriesat Palmarejo,” says Mitchell J. Krebs, president and chief executive officer. “We expect to sustain an elevated level of exploration investmentin 2018 given the success our expanded programs are generating.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Endeavour Silver’s Mineral Reserve Estimates SharplyHigher
Wednesday February 07, 2018 09:00
Endeavour Silver Corp. (TSX: EDR,NYSE: EXK) reports sharply higher 2017 mineralreserve estimates for its three operating mines and two development projects.Silver proven and probable reserves increased 217% to 33.5 million ounces,while those for gold rose 246% to 315,300 ounces. Silver-equivalent proven andprobable reserves increased 228% to 57.1 million ounces, using a 75-to-1silver-gold ratio. Meanwhile, estimates for mineral resources decreased, whilethose for inferred mineral resources rose. “We enjoyed solid development andexploration success in 2017, more than replacing our mineral reserves...,” saysBradford Cooke, chief executive officer. He later adds, “We now have a strongpipeline of exploration and development projects to drive our next phase oforganic growth. Looking forward to 2018, we plan to invest $11.1 million onexploration, the majority of which will target organic growth opportunities,including brownfields targets around our operating mines and developmentprojects and greenfields targets such as Parral.”
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.