Hecla 3Q Silver Output Declines But Meets Expectations
(Kitco News)- Hecla Mining Co. (NYSE:HL) met its expectations for third-quarter output of 2.5 million silver ouncesand 72,995 gold ounces, the company said Tuesday.
The preliminaryconsolidated silver output was a 24% decline from the same period of 2017, withoutput at the Greens Creek Mine falling by 467,899 ounces, which the companyblamed on lower ore grades and milled tonnage asa result of mine sequencing. Company-wide gold production rose by 16%, gettinga boost from new operations in Nevada.
July-Septembersilver-equivalent production came in at 10.9 million ounces, whilegold-equivalent production was 135,096 ounces. The company also mined 4,239 tonsof lead and 12,795 tons of zinc.
“Our gold and silverproduction met our expectations, with gold production increasing due to theaddition of two months of production from the Nevada operations and silverproduction declining due to lower expected grades at Greens Creek,” saidPhillips S. Baker, Jr., president and chief executive officer. “We are on trackto meet annual production estimates at all operations.”
“At our new Nevada assets,we are focusing on completing enough underground development at Fire Creek soby about mid-2019 we should have consistent production with an expected 50%higher throughput.”
The company reported 13,789 ounces of gold and 84,145 ounces of silver fromNevada operations since the acquisition on July 20.
A strike continues to meanlimited output at the company’s Lucky Friday Mine in Idaho. Salaried workers areundertaking some production, which came to 31,639ounces of silver.
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. |