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Hecla Mining's Q2 production slips for all commodities

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Hecla Mining's Q2 production slips for all commodities

Hecla Mining Co. posted lower production in the second quarter for all commodities due to a strike at the Lucky Friday mine in Idaho, and lower grades at the Greens Creek mine in Alaska, the Casa Berardi mine in Quebec and the San Sebastian mine in Mexico.

The company's silver production in the second quarter fell to 2.8 million ounces, from 4.2 million ounces produced a year ago, according to the Aug. 3 statement.

Gold production in the three months dropped to 52,561 ounces, compared to 62,965 ounces produced a year ago.

Lead and zinc production fell to 4,420 tonnes and 12,966 tonnes in the quarter, respectively, from 10,391 tonnes and 18,132 tonnes produced a year ago.

During the quarter, the company turned to a net loss of US$24.2 million or 6 cents per share, from a profit of US$24.0 million, or an EPS of 6 cents, in the year ago period. The loss includes an income tax provision of US$16.1 million.

Half-yearly output dropped to 6.2 million ounces of silver and 108,674 ounces of gold, compared to 8.9 million ounces of silver and 118,653 ounces of gold produced in the year-ago half.

Lead and zinc production in the six months fell to 13,056 tonnes and 28,503 tonnes, from 21,429 tonnes and 35,496 tonnes produced in the first six months of 2016.

Meanwhile, Hecla reached an agreement to lease the Velardeña mill, located near its San Sebastian mine, for an additional 24 months, through 2020.

The company said Aug. 2 it also increased the exploration budget at San Sebastian by US$1.1 million, bringing the full-year exploration budget at the project to US$5.3 million.