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In This List

Hecla Mining swings to Q2'19 loss, expects stronger FY'19 silver output

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Hecla Mining swings to Q2'19 loss, expects stronger FY'19 silver output

Hecla Mining Co. on Aug. 7 boosted its 2019 silver output guidance to 11.7 million ounces from 10.0 Moz previously thanks to higher grades at its Greens Creek mine in Alaska.

The company's second-quarter silver production increased 16% year over year to just over 3 Moz while gold production declined 3% to 58,390 ounces.

It swung to a loss of US$46.5 million for the quarter from a profit of US$12.1 million the year before, which CEO Phillips Baker attributed to lower byproduct credits and the timing of lead shipments at Greens Creek, as well as higher depreciation expenses. Average realized silver prices also fell 10% year on year, with adjusted EBITDA dropping to US$22.9 million from US$57.7 million as total sales decreased to US$134.2 million from US$147.3 million.

Depreciation charges grew to US$49.5 million from US$31.8 million in the second quarter of 2018.

Hecla also named Lauren Roberts as senior vice president and COO, succeeding Larry Radford, who is transitioning to the temporary role of chief technical officer. Roberts was previously COO at Kinross Gold Corp.

Dean McDonald, senior vice president of exploration, is retiring after having joined the company in 2006. His duties will be split between Keith Blair as chief geologist and Kurt Allen as director of exploration.