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Hecla Mining in the red in Q1'16 on forex losses, ups FY'16 silver output guidance

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Hecla Mining in the red in Q1'16 on forex losses, ups FY'16 silver output guidance

Hecla Mining Co.swung to a loss attributable to shareholders of US$756,000 in the first quarterof 2016, from a profit of US$12.4 million a year earlier, due to foreign exchangeeffects, it reported May 5.

The group booked a net foreign exchange loss of US$8.2 millionduring the period, up from a gain of US$12.3 million in the previous first quarter,mainly due to the impact of a strengthening Canadian dollar on deferred tax liabilities.

Sales for the quarter increased 10% year over year to US$131.0million on record silverequivalent production of 12.0 million ounces, partially offset by lower prices.

Average realized silver prices in the quarter dropped 13% yearover year to US$14.93 per ounce. For other metals, realized price was down 3% forgold at US$1,187 per ounce, down 8% for lead at 78 U.S. cents per pound, and down16% for zinc at 79 U.S. cents per ounce.

Hecla revised its 2016 silver output forecast and now expectsproduction of 15.0 million ounces, from 13.5 million ounces to 14.0 million ouncespreviously, at cash costafter by-product credits of US$5.00 per ounce, from US$6.00 an ounce previously.